Free Consultation

icbc cheque

my sibling declared bankruptcy and i was wondering about him cashing a cheque from icbc…. recently he was involved in an accident and his car was totalled, icbc cut him a cheque and i was wondering if he cashes the cheque if it will have to be surrendered and go towards his bankruptcy owings. i ask because when we were able to cash bonds that we had recieved from our grandparents 10 yrs ago he had to forfiet the money over. any knowledge to clear this up is very much appreicated.

Posted from: British Columbia

One Response to “icbc cheque”

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

You are right to be cautious, but the answer to this question will really depend on the specifics of the accident and details relating to the vehicle. The best thing for your sibling to do is to contact his trustee, explain what happened and then follow the direction given. It is definitely possible that either a portion or even all of this money would need to be surrendered as part of the bankruptcy, but is impossible to determine this without being more familiar with the circumstances surrounding this event.