In bankruptcy proposal

In Nov. 08 i filed a bankruptcy.
In Jan 09 i had an inheritance that was a small lump payment of approx. half my debt and a monthly payment for the next 10 yrs.
What are my options, am i intitled to make a proposal or are all monies taken until the debt is paid in full?

Posted from: Ontario

One Response to “In bankruptcy proposal”

A licensed trustee said...

Yes, you may offer your creditors a proposal and if they accept it your bankruptcy is cancelled. You may use your current trustee, or if for some reason you don’t want to, you may call someone else.

If you remain in bankruptcy, your creditors are entitled the whatever it is yuo received as an inheritance. That means the money you’ve laready received, plus the monthly payments. I suspect they may ask for most (if not all of the lump sum your received) and then perhaps a 4 or 5 year payment plan. Call yuor trustee – they’ll know what to do.