How is an Inheritance Treated in a Bankruptcy?
How Does Bankruptcy Impact an Inheritance?
Home » How is an Inheritance Treated in a Bankruptcy?
Inheritance & Bankruptcy
Your province or territory sets the assets that can be retained in a bankruptcy. An inheritance is not an asset that can be retained. An inheritance is an asset that you will not be able to keep so it is important you consider your options if you are expecting an inheritance to be triggered.Are you a beneficiary of a will or will you receive an inheritance?
I HEREBY CERTIFY THAT THE INFORMATION CONTAINED IN THIS APPLICATION AND ATTACHED INVENTORY SHEET IS A TRUE, CORRECT AND COMPLETE STATEMENT THAT FULLY DISCLOSES THE STATE OF MY ASSETS AND LIABILITIES. When the bankruptcy papers are signed the debtor also swears an oath that the information provided is true. It is a serious offense to give false information to your trustee and may result in fraud charges being laid against you. So, is there anything a person can do to mitigate his bankruptcy if he expects to receive an inheritance? Here is another example. Our firm had a person in bankruptcy come into a large inheritance, where the creditors would be paid off in full. We suggested he file a consumer proposal. The consumer proposal was accepted by the creditors. This meant that the creditors would still get paid in full but the debtor would benefit by not having a bankruptcy on his record.Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation
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