20 Aug 2015
Éric Lebel
Partner | CPA, CA, CIRP, LIT | Recovery and reorganization

Bankrupt successions are far from exceptional. A growing debt burden on seniors is recognized. Seniors are increasingly confronted with financial problems to maintain a stable standard of living. This is the subject that Éric Lebel, Trustee Partner and Financial Recovery Advisor, addressed on “Questions d’argent”, which aired on the Argent channel on August 11.

According to Éric Lebel, “the arrival of credit cards thirty years ago caused people to consume more than before. Today, nearly one out of five individuals who are clients of bankruptcy trustees are age 60 and over, compared to only one in twenty clients twenty years ago”!

Do your homework before accepting an inheritance

In case of death of a relative who leaves a patrimony, the heir must be aware of that person’s financial position, because the financial impacts could be very high. “If the relative who dies has more debts than assets, he is insolvent. It is essential that the heir does not cash in any part of the property. If the succession is refused, the heir will not be responsible for the deceased’s debts. However, for example, if the heir sells an inherited car, uses this money to go on vacation, and learns three months later than the relative had an unknown tax debt, he will be responsible for the deceased’s debts! ”

20 Aug 2015  |  Written by :

Mr. Lebel is a partner at RCGT. He is your expert in Recovery and Reorganization for the Brossard...

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