What happenes if I inferit money during bankruptcy?

September 10th, 2012 by Questions

What happens if I inherit money during bankruptcy? Do I just hand it all over to be distributed to my creditors?

Posted from: British Columbia


One Response to “What happenes if I inferit money during bankruptcy?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Yes, if file for bankruptcy and inherit money it is all paid directly to your trustee. The bankruptcy legislation then requires that it be used to pay your trustee’s administration costs, your creditors in full (plus 5% interest) a small levy that goes to the Office of the Superintendent of Bankruptcy ( a division of the federal government). Then if there is anything left it will be turned back over to you.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)