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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 Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Inheriting while going through bankruptcy

What happens if I am in the middle of a bankruptcy and I inherit money. Is the inherited money exempt from the proceedings. Also, if the bankruptcy proceedings are over, can the courts come after me if I inherit money?

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One Response to “Inheriting while going through bankruptcy”

A licensed trustee said...

If you inherit money while bankrupt, it will be taken by the trustee and distributed to your creditors. Once you are discharged, if you inherit money, it is not taken by the trustee. For this reason it is always a good idea to complete your duties while bankrupt as quickly as possible, so that your bankruptcy can end at the earliest possible date.