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Settlement from employer and bankruptcy

I have claimed bankruptcy. My former employer is offering me a settlement of a grievance. How will this affect my bankruptcy?

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One Response to “Settlement from employer and bankruptcy”

Doug Stuive, CA | Trustee | CIRP said...

Any amount received while you are in bankruptcy for loss of wages is considered income for purposes of calculating surplus income under the Bankruptcy and Insolvency Act. You would need to report this income to your Trustee in bankruptcy. The amount that you would be required to surrender to the Trustee, if any, will be directly related to any other income you have earned during the period of your bankruptcy as well as other factors including family size and non-discretionary expenses.