May 15th, 2007 by Questions
What happens if an inheritance is received during or after the bankruptcy period
One Response to “Inheritance”
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May 16, 2007 at 1:41 pm, Barton Goth GCO Bankruptcy Trustees said:
If you receive any inheritance, lottery winnings or other lump sum payment that is not related to your normal income this is considered to be after acquired propoerty and will must be paid into the trustee, who will distribute these funds as required by the Bankruptcy and Insolvency Act.
This is that case for any monies you receive or potentially become aware of during bankruptcy, you have a legal obligation to inform your trustee and failure to do so can result win ineligibility for discharge. However, if you have successfully been discharged from bankruptcy and then you find out about monies of this nature, then they are yours to keep.