Will estate property be taken away in Chapter 7? 13 Answers as of April 18, 2011

If I have something willed to me would that be taken away if those people pass away and I am within the 7 years of a chapter 7?

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Indianapolis Bankruptcy Law Office of Eric C. Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
Inheritances received by the debtor before the bankruptcy petition or within six months of filing are property of the bankruptcy estate.
Answer Applies to: Indiana
Replied: 4/18/2011
Bankruptcy Law office of Bill Rubendall
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
The question about estate property depends on what property is exempt, which depends on facts of the case. The rule about inherited assets is that if there is an inheritance within 180 days of filing it is included in the bankruptcy estate.
Answer Applies to: California
Replied: 4/15/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You only need to report inheritances (the death) that occur within 180 days of the filing of the petition.
Answer Applies to: California
Replied: 4/15/2011
Benson Law Firm
Benson Law Firm | David Benson
In a Chapter 7 case, you must report to your attorney and the trustee if someone dies within 6 months and leaves you money. Those funds may be subject to turnover to the bankruptcy estate.
Answer Applies to: Ohio
Replied: 4/15/2011
Carballo Law Offices
Carballo Law Offices | Tony E. Carballo
If you become entitled to an inheritance or life insurance as a result of someone's death within six months of filing a Chapter 7 bankruptcy case then the amount you are to inherit or receive from the insurance company becomes part of your bankruptcy estate and can be taken by the trustee to pay your debts. The date you become entitled to the inheritance or insurance is the key. It does not matter that you do not actually get the funds for a long time. Usually you become entitled to the inheritance or life insurance upon the death of someone who has left you something in a will or died without a will but you are the person's heir or the person who died named you as a beneficiary in a life insurance policy.
Answer Applies to: California
Replied: 4/14/2011
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    The bankruptcy court gets it if the person dies within 180 days of when you file the bankruptcy. NOT seven years. Make sure they are taking their vitamins.
    Answer Applies to: Virginia
    Replied: 4/15/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    The trustee is able to capture assets within one year of receiving your discharge. If you are receiving an inheritance within 12 months of receiving your discharge then the trustee will be able to seize those assets to pay the creditors.
    Answer Applies to: New Hampshire
    Replied: 4/15/2011
    William C. Gosnell, Attorney at Law
    William C. Gosnell, Attorney at Law | William C. Gosnell
    Once you begin a chapter 7 it takes about 120 days to complete. Then you receive a discharge. Once that is granted its final. Even if you win the big lottery after the discharge you do not owe anyone for anything. If your inheritance comes into your hands while the chapter 7 is pending then yes you will lose it to creditors.
    Answer Applies to: Tennessee
    Replied: 4/14/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    If you became entitled to receive the estate property within 180 days after your Chapter 7 case was filed, then it belongs to the Trustee in your case, unless you have exemptions available to protect it. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period. If you became entitled to receive it after that 180 days, then it is yours to keep.
    Answer Applies to: California
    Replied: 4/13/2011
    Law Office of Asaph Abrams
    Law Office of Asaph Abrams | Asaph Abrams
    If within 180 days after the date of filing your bankruptcy, you become entitled to an inheritance (meaning, the person passes-it doesn't matter if you're in a will if the person is alive and well), then that interest is property of the bankruptcy estate, which means it must be exempted and non-exempt portions may be lost.... can't have it all in life and bankruptcy. But this is a rare scenario. Just be sure your rich relatives take their Vitamin C and exercise. Laughter is good too.
    Answer Applies to: California
    Replied: 4/13/2011
    Law Office of Eric Ridley
    Law Office of Eric Ridley | Eric Ridley
    If the property accrues to you after your Ch 7 discharge is granted, it is yours to keep.
    Answer Applies to: California
    Replied: 4/15/2011
    Mercado & Hartung, PLLC
    Mercado & Hartung, PLLC | Christopher J. Mercado
    If you receive an inheritance within 180 days after filing for bankruptcy, that money or property might have to be turned over to your creditors, unless it qualifies for an exemption.
    Answer Applies to: Washington
    Replied: 4/13/2011
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