Possible inheritance

August 28th, 2012 by Questions

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


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.

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