FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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YUKONMIKE

I AM LOOKING AT CONSUMER PROPOSAL AS A WAY OUT OF DEBT. ($22,000)IT IS A REAL POSSIBLITY I WILL RECIEVE AN INHERITANCE SOME TIME IN 2011. IF I AM ON A CONSUMER PROPOSAL PLAN AND I RECIEVE AN INHERITANCE, DO I GET TO KEEP ANY OR ALL OF IT. THE INHERITANCE WILL NOT BE ENOUGH TO SETTLE MY DEBTS AND THE TIME FRAME TO RECIEVING THIS MONEY IS UNRELIABLE OF COURSE.

THANKS!

Posted from: Alberta

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One Response to “YUKONMIKE”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you are in a consumer proposal and receive an inheritance you will get to keep the money, as long as the money wasn’t anticipated. The problem comes down to how certain this inheritance is. If you already know the inheritance is coming your way (i.e. the person has already passed away) then this is something that has to be considered when putting the proposal together (remember a consumer proposal must offer a better return then in a bankruptcy, so if the inheritance is lost in a bankruptcy and you know it is going to happen, then the same has to be provided for in the proposal).

This is a fairly confusing issue and what I would recommend is that you contact a local trustee and discuss the details of this pending inheritance. Once more familiar with the details of this situation the trustee will easily be able to advise you whether on not these inheritance monies need to be considered when the proposal is being put together.