| Author: |
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Frank |
| Date: |
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May 21 , 2002 |
| Question: |
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Hello, if I want to declare bankruptcy in Alberta, do I have to let the creditors or others know (on the day of declaring bankruptcy), that I am expecting an inheritance in a few years?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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May 23, 2002 |
| Answer: |
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If you are expecting an inheritance from someone who has already died, then
the anticipated funds must be disclosed to the Trustee as an asset. If the
person from whom you are expecting the inheritance is still alive, then it
is not yet an asset and doesn't need to be disclosed. If, however, the
person dies while you are going through the bankruptcy process and before
discharge, then you must advise your Trustee that you will be receiving the
inheritance and the funds must be used to pay your creditors.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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