Carl Rumanek Trustee in Bankruptcy and Administer of Proposal Interviewed Rogers Cable TV
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
If my spouse passed away and left me the assets prior to my bankruptcy, what happens to those assets if I decide to declare bankruptcy?
In the event that a person receives an inheritance prior to or during bankruptcy, the assets would go to the Trustee for the benefit of the creditors. In this situation, it is important to discuss your options other than filing for bankruptcy.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
Once your bankruptcy has been filed, you become what is called an “undischarged bankrupt“. You will be an undischarged bankrupt until you are discharged. During this period, you may be required to pay to your creditors a portion of your income that is above the guidelines set by the Government of Canada. In addition to the guidelines, special circumstances may reduce the amount that you are required to pay. These will include special dietary food, fines or penalties being paid to a court, spousal or child support, medical costs, etc.
All of which will be discussed with you by your Trustee.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
What happens to the debtor’s bank accounts?On Bankruptcy, all of the consumer debtor’s property automatically vests in the trustee. That means that the consumer debtor’s property is placed in the hands of the trustee for the administration. Therefore, the consumer debtor has a duty to deliver up his or her property to the trustee. For example, the consumer debtor’s bank accounts technically belong to the trustee since the bank owes the consumer debtor the money. The moneys in those bank accounts must be turned over as soon as possible after the assignment in bankruptcy is made. The trustee will, on filing, notify the bank of the assignment.
When the consumer debtor receives a pay cheque for the period subsequent to the date of bankruptcy, that money may be deposited into the bank account. The trustee in bankruptcy will not attach that amount or request that the consumer debtor pay over that sum to the estate. However, in a case where the consumer debtor earns more than a reasonable amount, the trustee will require that the consumer debtor pay the surplus income or turn over a portion of the salary to the trustee for the benefit of creditors. In this connection, see Chapter 10. The Superintendent publishes standards each year. The standards are a scale which the trustee uses in determining whether the consumer debtor can afford to pay any moneys to the creditors while the consumer debtor is undischarged.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
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