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winning money and bankruptcy

If someone were to win say 10,000.00 during a bankruptcy would that whole amount have to be forfeited to the trustee or would only a portion of it have to be given to the trustee

Posted from: Ontario

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One Response to “winning money and bankruptcy”

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

When someone is in bankruptcy, any money or property that is not related to the debtors normal income is automatically forfeited to the trustee. This really doesn’t matter how much money we are talking about, if it is a small amount it is used to pay the administration costs and the creditors. If there is enough to pay the administration costs and the creditors in full (plus 5% interest) than anything else will be returned to the debtor.