Proposal and inheritance

I part way through paying off my consumer proposal and have just found out that I have a fairly significant inheritance that will be coming due shortly. Am i required to inform my trustee? Will I be able to use this money to pay off my proposal?

Posted on Thursday, June 26, 2008 | Filed under: Consumer Proposals
 posted by Questions @ 9:15 pm 1 Comment
1 Expert Comment:

 At July 2, 2008 | 9:06 am , Barton Goth GCO Bankruptcy Trustees Said...

Partially, this is dependent on how the proposal is worded, for example if there is a clause in your proposal that stipulates any after-acquired property such as an inheritance belongs to your creditors, then the money is lost as part of the process. However, in most circumstances as long as this inheritance is something that you were not expecting and has come as a surprise during the midst of your proposal the money is your to keep. The best thing to do is contact your trustee to confirm.

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