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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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bankruptcy

I may be facing bankruptcy over a $35,000 credit card debt and I would have a surplus income payment of about $600 a month.

If, at some point, during the 21 months I receive an inheritance from the will of my sole (elderly) parent, estimated at around $80,000, will I have to surrender $40,000 of that to the trustee? This will be more than the debt I owe. Are inheritances from parents in any way protected?

Posted from: Ontario

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One Response to “bankruptcy”

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

If you are in the midst of a bankruptcy and receive or become subject to an inheritance you will loose the full balance of the inheritance. Legally speaking, an inheritance is seen as an non-exmpt asset, not income. Non-exempt assets vest in the trustee, where income is subject to the surplus income provisions.

Now depending on how much your debt is a portion of the inheritance may be returned, but this is only if there is sufficent to pay the administration costs in full, all your creditors in full and 5% interest.