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If an executor of a will waits six months after a bankruptcy to give the bankrupt his inheritance is it safe from the trustee?
Wiki User
∙ 17y ago
Maybe. It depends upon the type of bankruptcy that was filed (state or federal) and the time the bankruptcy petitioner actually was awarded the inheritance, not accepted it. A bankruptcy case is officially finished when it is closed, not discharged.
Wiki User
∙ 17y ago
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what happens when a truste appose your bankruptcy?
If a trustee opposes your bankruptcy, it means that they do not believe you should be granted discharge of your debts and, as a result, you might not be able to go bankrupt, if the trustee's position prevails.
If you file taxes while in bankrupt will you get a refund?
I depends on the type of bankruptcy and your agreement with the trustee/court.
Why should an inheritance be disclosed to a trustee after the tax year has passed but before the bankruptcy is discharged?
Absolutely.
What happens to an inheritance during bankruptcy?
If the inheritance is based on a death within 180 days of filing bk, the inheritance becomes part of the estate and the trustee will use it to pay your creditors.
How would a bankruptcy trustee discover an inheritance after a filing?
An inheritance is reported to the IRS. Federal bankruptcy officers (judges, trustees) have the legal power to access the person's tax records through the IRS AIS system.
Does any money you receive ie ppi repayment go to creditors if you are declared bankrupt?
You are not "declared bankrupt." You file (for) bankruptcy (protection) and get a discharge. If you cannot exempt the ppi reimbursement, it goes to the trustee, who will pay the trustee fee and distribute whatever is left to the creditors.
How does bankruptcy affect inheritance property?
You must list an inheritance (or even possibility of inheritance) within 180 days of filing BK. So if you are to receive an inheritance, even if your BK was already discharged, within 6 months of filing, you must inform the BK Trustee (who would have the right to take the inheritance to distribute among the creditors)
How do you sue a bankrupt person?
You would need to sue via their Trustee in Bankruptcy. Those are the people that know what the bankrupt party has as assets. You would commence the action in the usual way an action is commenced.
Is an executor of a will in Queensland a Trustee?
An executor of a will is the same thing as a trustee. They are responsible for the estate and making sure that plans are carried out.
Are you safe from creditors if you buy the assets of someone in bankruptcy without knowing they are bankrupt?
No, you are not. When someone files bankruptcy the title to their property is held by the trustee in bankruptcy. The bankrupt cannot sell any property therefore, if they do, the title is not clear. You may lose the property to the creditors if someone tracks it down. You would then be out of the property and any money you paid for it.
What are the responsibilities of an executor of a living trust?
A trust doesn't have an executor. It has a trustee. The trustee manages the trust according to the terms of the trust.
If you are entitled to a large inheritance right after bankruptcy how much can the trustee take?
Your bankruptcy trustee has the right to receive your share of the inheritance within 6 months of filing your case. The trustee has the right to receive it all. Typically what happens though is the trustee receives the full amount and then makes a determination of how much is needed to satisfy your estate and debts. If you receive more than is necessary to pay off your debts, you will get a refund. It can take some time though. In rare cases, the trustee may have you cut a check for the amount and you keep the difference. But normally trustees don't trust debtors to do this.
