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.
2025-08-05
Bankruptcy Consumer Proposal
Losing your job can be frustrating and, even more so, managing your financial wellbeing while you’re unemployed. However, you can successfully navigate the situation with the right budgeting tips.
2025-08-04
Since it’s impossible to predict or prevent most medical conditions or emergencies, the best way to handle them is by planning and preparing for them.
2025-08-01
If you are considering filing for Bankruptcy, it is important to understand the impact on your employment and salary.
