inheritance seizures
my husband is receiving a small inheritance by way of mineral rights If he declares bankruptcy how long can this money be taken from him. Currently it is a very small amount shared equally with his sister via the will. Are the creditors made aware of the sources of income of the bankrupt?
Posted from: Alberta
This is considered a non-exempt asset and must be disclosed to the trustee. In connection it is also something that is lost as part of the bankruptcy so the trustee has to make arrangments for it to be realized on.
So the trustee will take ownership and arrange for the sale of these rights.