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possible retiree

What if during during bankruptcy, I come into a lump sum of money from my work do to an incentive retirement package. How do I handle this money during this timeframe

Posted from: Ontario

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One Response to “possible retiree”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

IF a lump sum of money is received during a bankruptcy there are two ways to view it.

It can be looked at as a windfall. If it is considered a windfall and received during bankruptcy you would loose the entire amount.

From what you have said there is a better argument for considering this lump sum of money income, after all it is clearly work related. If it is considered income and received during bankruptcy then it is listed as income on your monthly Income and Expense Statements and is subject to the Surplus Income Calculation. This approach is by far better for you as then you don’t loose the full amount, only part of it.