2010-10-01
The Bankruptcy and Insolvency Act contains the term "After-Acquired Property". Generally, any property a bankrupt receives while they are bankrupt becomes the property of the Trustee and this would include inheritances or life insurance proceeds. However, there is at least one court case I am aware of that says that at least a portion of life insurance proceeds received should remain with the Bankrupt. This is not an easy question to answer and we would want to discuss the facts of this situation in much more detail than can be done in this forum. I would strongly suggest that you make an appointment to review your situation (we do not charge for initial consultations) with our nearest office. Perhaps the solution might be to make a proposal to your creditors instead of filing bankruptcy, which might result in all, or part, of the life insurance proceeds remaining with you.
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-18
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
2025-06-16
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
