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No. The "heir" has no right to that money whatsoever.
When a company liquidates, creditors generally receive less money than they owe. Creditors will have to write off the balance, so that their books can balance.
Any money you inherit prior to a bankruptcy being discharged would have to be revealed to the judge and trustee assigned. These newly acquired assets would be factored into your financial picture and may be captured in whole or part to pay your creditors. It is possible that a sizable inheritance would cause your bankruptcy petition to be "thrown out". Consult with a competent attorney to learn the exact implications in your case and state.
A person can do anything they want with inheritance money. Many people buy a home, cars, or save for the future with the money.
"Inheritance cash is just like any other inheritance, except it's money as opposed to land or a house or other assets." An inheritance is something that is left to you by a family member who has passed away. Inheritance cash is just the money form of an inheritance.
Yes, but the inheritance will become part of the BK estate, which means the money would have to be turned over to the trustee to pay off your creditors (i.e. you do not get to keep the inheritance).
Only if you didn't read chapters 1-6.
No. The "heir" has no right to that money whatsoever.
Only your creditors should receive the bankruptcy notice. A careless petition preparer could have names and addresses on the list that do not belong there. If you don't owe your bank any money, they should not be on the list.
When a company liquidates, creditors generally receive less money than they owe. Creditors will have to write off the balance, so that their books can balance.
The dead person usually signs a will which states who will receive the money. If you receive the money then i guess that is called inheritance??
Any money you inherit prior to a bankruptcy being discharged would have to be revealed to the judge and trustee assigned. These newly acquired assets would be factored into your financial picture and may be captured in whole or part to pay your creditors. It is possible that a sizable inheritance would cause your bankruptcy petition to be "thrown out". Consult with a competent attorney to learn the exact implications in your case and state.
The estate is responsible for the debts of the deceased. The creditors should be notified of the death but they are out of luck is there are no assets.
Any money you owe to someone else is a liability to you and an asset for them. You have to pay (liability) and they get to receive (asset).
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Yes you must inform whoever is looking after your bankruptcy that you have had an inheritance. You will be then advised what to do next, so don't spend the money as you could be breaking the law.
If it is a debt, you file the claim with the executor. Otherwise you should receive your inheritance when the estate is resolved.