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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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inherritance

if i inherrit a very small amount, under 10,000. Do i lose the whole amount to my trustee?

Posted from: Ontario

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One Response to “inherritance”

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

Yes, you are required by law to disclose this to your trustee upon becoming aware of this inheritance and the full amount will be lost due to the bankruptcy.

Failure to disclose this will likely result in much more significant penalties as it is considered an offense under the Bankruptcy and Insolvency Act and will prevent you from obtaining a discharge as originally expected.