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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Consumer Proposal and Inheritance

What if during the process of a consumer proposal I receive a substantial inheritance??

Posted from: Ontario

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One Response to “Consumer Proposal and Inheritance”

A licensed trustee said...

If you receive the inheritance (or any other windfall) in the first 60 days after you file a proposal then you are required to inform your trustee who will in turn notify your creditors that ytour situation has changed.

Anytime after that and you have no obligation to disclose the inheritance – you may want to contact your trustee to see what your options are regarding the proposal, or you may want to just keep things they way they are . It is your choice…