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

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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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Before bankruptcy

Here goes…if you are getting ready to declare because you have absolutely no choice and God it is depressing and so stressful…If you are declaring for a large amount and have lost everything what happens if you have an insurance settlement pending..do they take it all…what happens to this money you are getting and do you have to tell them this…I really need to know what happens with this…I keep getting different answers…

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One Response to “Before bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

Firstly you must disclose any assest, even an interest in an insurance settlement, or it is considered fraud and you may be ineligible for a discharge from bankruptcy.

In terms of what happens to any potential proceeds, this can change depending on the type of insurance settlement pending so you are best to review any related details with a local trustee who will then be in a better position and able to advise you what will happen.