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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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Possible inheritance

I’m considering bankruptcy. Down the road I might inherit a small asset valued under $10,000 outside North America. This might happen after discharge from bankruptcy or could happen during bankruptcy. How should I approach this matter when filling out the disclosure for bankruptcy?

Posted from: Alberta

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One Response to “Possible inheritance”

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

If you file for bankruptcy you will lose any inheritances that arise before or during the bankruptcy itself.

Furthermore, you have a legal obligation to disclose this potential inheritance and failure to do so would be a significant issue in the bankruptcy. Significant enough to prevent you from being cleared from your debts, or even pursued legally for fraud (i.e. a good example of this is Peter Pocklington). So it is important you make full disclosure.