Very Confused
I am contemplating Bankrupcy, I owe approx $65K in Credit Card Debt and my net income per month is $1,900. I am 51 yrs old. My question is: If I declare bankrupcy and am discharged in the mimum amount of time (which I think is 9 months) what happens if after I am discharged I inherit a large sum of money from a family member? Do I have to pay out the creditors with it?
Posted from: Ontario
With your level of income, and assuming you have never filed a bankruptcy previously, you would be looking at a 9 month bankruptcy.
As for the inheritance, as long as the relative passes away after you have been discharged, then the money would be yours to keep.