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5/8/2012
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Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2,416
Experience: 25 years in practice
VerifiedHello.
The concept of bankruptcy is that it creates an estate almost like you were dead. Everything you have goes in for a second chance of being debt free.
Bankruptcy is criminal law so must be taken very seriously.
With this inheritance you may no longer qualify for a discharge until it is spent in favour of the creditors.
I take it that this is the position of your trustee? You must include and spend the inheritance before a discharge?
The concept of bankruptcy is that it creates an estate almost like you were dead. Everything you have goes in for a second chance of being debt free.
Bankruptcy is criminal law so must be taken very seriously.
With this inheritance you may no longer qualify for a discharge until it is spent in favour of the creditors.
I take it that this is the position of your trustee? You must include and spend the inheritance before a discharge?
A person who is discharged can take an inheritance clear of any debts because the discharge essentially means the person has complied with all that was required by the trustee. But, if not discharged, any money that is received beyond the needs of the individual to live, is available for the benefit of the creditors. Indeed a person in bankruptcy cannot even refuse to take the money.
The estate trustee ought seek legal advice personally but I am of the opinion that they will have no choice but to comply with the demand.
But, with the creditors all but paid, you should now be able to get discharged so that the second and more valuable part of the estate is not further attached.
An issue that is unclear to me is whether your trustee was allowed to not finalize based on your inability to pay fees. That issue would involve a careful read of any documents you signed and a sit down with a bankruptcy lawyer and not a trustee. Here is a link to the lawyer referral service. Call and ask for names of bankruptcy lawyers. You may call one or all and each have agreed to consult initially at no cost.
http://www.lsuc.on.ca/faq.aspx?id=2147486372
You should get a personal opinion but you also want to know if your trustee dropped the ball or if your agreements allow for the trustee to not discharge on the basis of a fee being owed. That is an issue I cannot address here but I think there may be a conflict issue if you were not discharged by a trustee because of a belief of a future inheritance.
Tom
The estate trustee ought seek legal advice personally but I am of the opinion that they will have no choice but to comply with the demand.
But, with the creditors all but paid, you should now be able to get discharged so that the second and more valuable part of the estate is not further attached.
An issue that is unclear to me is whether your trustee was allowed to not finalize based on your inability to pay fees. That issue would involve a careful read of any documents you signed and a sit down with a bankruptcy lawyer and not a trustee. Here is a link to the lawyer referral service. Call and ask for names of bankruptcy lawyers. You may call one or all and each have agreed to consult initially at no cost.
http://www.lsuc.on.ca/faq.aspx?id=2147486372
You should get a personal opinion but you also want to know if your trustee dropped the ball or if your agreements allow for the trustee to not discharge on the basis of a fee being owed. That is an issue I cannot address here but I think there may be a conflict issue if you were not discharged by a trustee because of a belief of a future inheritance.
Tom
Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2,416
Experience: 25 years in practice
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