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What can happen if you don't notify the trustee of inherited money after bankruptcy?
Wiki User
∙ 15y ago
Nothing, or your bankruptcy discharge can be reversed, or you can be fined or sent to prison. It depends on how much you inherit and how long after the bankruptcy you inherited it.
Wiki User
∙ 15y ago
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How do you know if a bankruptcy has been dimissed?
The bankruptcy trustee in charge of the case will notify the filer that the BK has been dismissed and the reasons for it having been done.
If you inherit money after filing bankruptcy can the attorney take it all even if you don't owe them that much ex. you inherit 25000 but owe them 5000 filed one year ago can they take all 25000?
Making no sense. Who is "them"? Attorney took the money?.. it wasn't the Court trustee? If you inherit money within 180 days after the discharge of your bankruptcy, you must notify your attorney who will notify the trustee and they may have claim to some of the inheritance. If the case was discharged a year ago, it is no longer property of the bankruptcy trustee.
What if you have to leave your home two weeks after filing bankruptcy?
The petitioner should notify the office of the clerk of the state or federal BK court or the BK trustee (if one has been assigned).
Do you have to notify trustee if in bankruptcy and car has been wrecked?
Almost definitely. The car may have equity that belongs to the creditors or it may be security to a car loan, in which case, you may wish to discharge this debt.
Does the bankruptcy court notify you when the bankruptcy is final and legally discharged?
No. The lawyer does.
Is there a sample letter to notify debtors of bankruptcy?
There are letters that attorneys use to notify creditors of a debtors bankruptcy. This letter states that the individuals have filed bankruptcy and the creditors are to cease all contact and attempts to collect their debt.
Does the trustee of a irrevocable trust have to notify all family members of what is left in the trust?
The beneficiaries are entitled to an accounting to make sure the trustee is not wasting the trust assets.
After declaring bankruptcy my father died and left me half his estate will I lose it?
If your father was involved in a bankruptcy proceeding at the time of his death his assets are encumbered by the proceeding. The bankruptcy proceeding would affect the title to his property until it is resolved. His estate would need to be probated in order for the title to his property to pass to you. When an estate is probated the creditors must be paid first before any distribution to heirs can be made. You should contact your father's bankruptcy lawyer or his trustee in bankruptcy to notify them of his death and to determine what your options are. If that's not possible you should seek the advice of a probate attorney.
What are some of the bankruptcy laws when it comes to not notifying my current employer about my bankruptcy filing?
There is no law that requires you to notify your employer that you have filed bankruptcy. It is a public record, though, so it will show up on a background check.
What should you do if you receive a monetary award from a class action lawsuit after your bankruptcy hearing and prior to discharge?
Notify your attorney. If its a reasonable amount of money, get an attorney if you don't have one. Sometimes they can get you some wiggle room. If you don't want an attorney, contact your Trustee, who will most likely demand the (or most of the) money. Do not just ignore it. You can get hit with fraud under Federal Law. It is virtually always your absolute obligation under the terms of your bankruptcy, and the promises you made to the court and judge, to report it to the trustee one way or another. (It probably should have been on your schedules as an at least possible asset).
When you file Chapter 7 and surrender your home are the judgment and liens removed from home for next owner if they were in Chapter 7?
You have asked a complicated question. State laws differ somewhat in terms of bankruptcy. Bankruptcy law is federal, but utilizes state laws for certain aspects so you should check to see which rules your state follows.Briefly and generally, a trustee in bankruptcy can abandon property if it has no equity or is difficult to sell. If the trustee is doing their job properly she/he will file a Notice of Abandonment in the land records to notify creditors of the intent not to sell the property. That gives the property back to the debtor and any other creditor that may have an interest in the property. A lender can proceed with a foreclosure for a mortgage in default. In that case, the foreclosure would wipe out any creditors that came after the lender as to that property only. Abandonment does not wipe out liens. However, property is only abandoned if it has little or no value. Also, a properly conducted foreclosure will pass legal title to the bank or the buyer.On the other hand, if you mean your trustee in bankruptcy has possession of your real estate the procedure is different. A trustee in bankruptcy can petition the court for leave to sell the real estate free and clear of liens if the sale will bring funds into the bankruptcy estate to distribute to creditors. If allowed, this procedure will enable the trustee to convey legal title to the premises and the buyer takes the property free of liens.
How long can a trustee keep a case open?
A trustee can keep a case open anywhere from several months to several years if they discover assets. They are allowed time to collect the assets and then sell them. After that, they will notify and distribute the money to the creditors.
