Annuities and Bankruptcy
January 16th, 2007 by Questions
My question is, if you have a structured settlement in the form of an annunity and you have to claim bankruptcy, will creditors liquidate the annuity to pay off debts, before liquidating house, car, etc.?
Also, if this can be done, and there is money left over from the annuity, will I be entitled to the remaining balance?
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January 16, 2007 at 11:16 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:
This really depends on how the annuity is set up. The best thing for you to do is to gather up any documents relating to the annuity, have them reviewed by a licensed trustee in your area. Once they have reviewed these documents they will then be able to determine what will happen to these funds should you file a bankruptcy in Canada.