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Question:

 

My mother will be filing for bankruptcy in the next few weeks and recently came into a windfall of $7,000. What are her options for using this money prior to filing? Is she able to spend money on items in the exemption list up to the amount specified? Can she gift any money? Thanks, Chris


From:

 

Grant Thornton Limited

Date:

 

Aug 04, 2016

Answer:

 

Hello, The windfall would be consider as an asset payable in bankruptcy. I can't advise where the windfall can and should be utilized. But there should be full disclosure at the time of signing. Perhaps you can seek the advise / suggestion of a lawyer.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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