Windfalls

Do lottery, bingo, or other prize money get counted when I do my surplus income calculation for bankruptcy?

I think I read somewhere that it doesn`t count, but thought the law may have changed by now.

thanks

Posted on Tuesday, December 9, 2008 | Filed under: Bankruptcy
 posted by Questions @ 4:31 pm 1 Comment
1 Expert Comment:

 At December 10, 2008 | 7:34 pm , Barton Goth, Trustee in Bankruptcy Said...

If you are in bankruptcy and receive any windfalls (i.e. winnings from lottery or bingo, an inheritance, essentially any significant sum of money that is not related to your normal income) these monies must be paid directly to your trustee. In turn they will be divided up in an equal fashion amongst your creditors.

Because you loose these monies they are not considered income for the purposes of the Superintendent Guideline.

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