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Being in a chapter 13 bankruptcy do you have to turn over money from an inheritance?
Wiki User
∙ 11y ago
Should money from an inheritance be turned over in a chapter 13 case? the case was filed at least 12 months before the inheritance
Wiki User
∙ 11y ago
Wiki User
∙ 14y agoAll income must be reported by law.
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If you have been discharged from bankruptcy and then inherate can the bankruptcy agency take the money?
If the bankruptcy is a Chapter 7, inheritance income must be reported to the trustee and the court if received within six months. The trustee will probably want the money, unless you disclosed the fact that you were entitled to an inheritance with the filed documents and exempted the amount.There is a specific question about being the beneficiary of a will or a deceased person in Schedule B. Since it is rare that an estate is filed, much less resolved, within six months, your failure to disclose the possible inheritance could be regarded as fraud and might lead to your discharge being revoked.Obviously, if you did not know of the death or you were not related to the decedent and had no reason at the time to believe you were a beneficiary under a will, you may avoid fraud.Consult an experienced bankruptcy lawyer, since bankruptcy law is very specific, and the means of "inheriting" money are varied and may not come within the statute.
Do you have to tell the bankruptcy courts if you receive an inheritance?
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.
What do you do if you receive an inheritance shortly before your Chapter 7 meeting with the creditors?
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.
I need to know how to file bankruptcy.?
You need to contact a bankruptcy lawyer since you need to have one to file. Which chapter depends on how much money you have, you may not qualify for chapter 7 if you have too much money.
How long after receiving a discharge do you have to not report a windfall of income such as winning the lottery or a large inheritance?
180 days from the date of the discharge. I believe it is 180 days from filing rather than from discharge. If you filed a chapter 7 and received the inheritance or the right to the inheritance within 180 days of filing, then the money should come into the bankruptcy estate. If you already received your discharge, then the trustee may move to reopen your case and bring a proceeding to get the money. However, Trustees, sometimes, try to bring money into the bankruptcy estate that they don't have the legal right to. Lottery proceeds based on a lottery ticket purchased after you filed bankruptcy are not part of the estate, but trustees have been known to go after the money anyway.
What is bankcruptcy protection?
If a person is in a chapter 13 bankruptcy, and it is being deducted from their pay check in nys can someone else sue you and have the money deducted from your pay check?
My fiance filed chapter 11 bankruptcy and now we want to get married can the court trustee demand more money?
Make sure that it was a chapter 11 and not a chapter 7 or a chapter 13. Many times there are no trustees in a chapter 11 and chapter 11 is almost always a larger business bankruptcy.
What can a trustee take during chapter 13 bankruptcy?
Money for your plan payment, tax refunds.
After bankruptcy you got inheritance can a creditor with a secured promissory note go after the inheritance?
No exactly. If you inherit any money within 180 days after you filed the bankruptcy, it will become property the estate. The creditors cannot go fater it, but the trustee can force you to turn over the inherited assets. See section 545 of the bankruptcy code.
Is it legal to receive money from a deceased family member while in bankruptcy?
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).
How does a client get their money back if the business files for bankruptcy?
It depends on the chapter they filed and the financial state of the company, most likey not, that is why the filed for bankruptcy, they have no funds.
Can any of your creditors get your inheritance money if you did a chapter 7?
Only if you didn't read chapters 1-6.
