bankruptcy and lottery wins
I just declared bankruptcy due to an impending divorce and significant financial costs associated with it. My question is what would happen if I won the lottery during my period of bankruptcy. I understand any winnings would be held as part of my assets. However, once all of the debts are paid in full would the remainder of the monies be returned to me. Silly question I know but as an avid lottery player it would be the one time I finally win.
Posted from: Alberta
If you receive any kind of widfall (like a lottery or inheritence) during your bankruptcy the funds will be payable to your trustee on behalf of your creditors. Once your creditors have been paid in full the excess funds will be paid to you. If the debts have been paid in full you might even consider asking the Court to annul your bankruptcy (cancel it).