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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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Medical settlements

I recently claimed bankruptcy and have just found out that I am entitled to a permanent injury payout from workers comp. I was unaware of this payment when I claimed bankruptcy. The claim is not yet settled, but when it is, is the cheque to be turned over to the Licensed Insolvency Trustee or is it exempt.

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One Response to “Medical settlements”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This really depends on the specifics of the settlement itself. For example, if the funds are from pain or suffering then they are yours to keep, but if they are due to something else (i.e. loss of wages) then these are monies that must be distributed to your creditors. You are best to bring in all documents relating to this and discuss them with your trustee.