Inheritence while Bankrupt

March 29th, 2009 by Questions

I am considering claiming bankruptcy, however my spouse is also potentially going to receive an inheritence in the next year. If I am in bankruptcy, would this inheritence go to my creditors? Would I have to let the Trustee know about this inheritence?

Posted from: British Columbia


One Response to “Inheritence while Bankrupt”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If you are in bankruptcy and windfall of capital that is not related to your normal income is lost as part of the bankruptcy, this would include an inheritance. Failure to inform the trustee about the inheritance would be considered an offense under the Bankruptcy & Insolvency Act and would likely result in you not being easily discharged from a bankruptcy or if already discharged the discharged would have to be overturned.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)