November 16th, 2009 by Questions
if i inherrit a very small amount, under 10,000. Do i lose the whole amount to my trustee?
Posted from: Ontario
November 17, 2009 at 9:29 am, 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.
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