Will I lose my inheritance? 16 Answers as of March 06, 2012

My grandfather has left me with money after his death. Will this be taken from me? I have file for bankruptcy several months ago.

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Joseph Lehn, Esq
Joseph Lehn, Esq | Lehn Law, PA
If you filed a Chapter 7, this is an issue of timing. If you inherit WITHIN 180 days of filing your bankruptcy petition, you are obligated to notify your trustee and the inheritance is part of the bankruptcy estate. If you inherit AFTER 180 days of filing your bankruptcy petition, the trustee has no claim to it. If you filed a Chapter 13, you are obligated to notify your trustee and the inheritance will figure into how much will be distributed to your unsecured creditors.
Answer Applies to: Florida
Replied: 3/6/2012
Heupel Law
Heupel Law | Kevin Heupel
If you filed bankruptcy within the last six months of the inheritance, then yes, you will lose the money. If it's been more than six months, then you can keep the funds. However, it does depend on what you are receiving. Thus, be sure to visit a bankruptcy attorney to understand your rights.
Answer Applies to: Colorado
Replied: 3/5/2012
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
You will need to exempt it. It can also be taken 6 months after you file. Contact a local attorney for specifics.
Answer Applies to: Washington
Replied: 3/5/2012
Debt Relief Law Center | Roger J. Bus
All inheritances must be reported to the Trustee within 180 days of filing. Contact your bankruptcy attorney to see if you have any 11 U.S.C. 522(d)(5) exemption room to exempt it.
Answer Applies to: Michigan
Replied: 3/5/2012
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You must report any inheritance you become entitled to 180 days from the date of the filing of the bankruptcy petition. If you do not have a lawyer, get one.
Answer Applies to: California
Replied: 3/2/2012
    J.M. Cook, P.A. | J.M. Cook
    Did the grandfather die? You have to declare the inheritance on your schedules but the value is zero until it arrives.
    Answer Applies to: North Carolina
    Replied: 3/2/2012
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    All assets, including property or money from inheritance, must be listed in your bankruptcy. If you inherit within 180 days after filing bankruptcy it is part of the estate and must be disclosed. Consult an attorney as to your rights.
    Answer Applies to: California
    Replied: 3/2/2012
    Ferguson & Ferguson
    Ferguson & Ferguson | Jackie Ferguson Graham
    If you inherit money while your bankruptcy is open you have to account for it with the bankruptcy court and nay lose it. However if it is just a possible inheritance in the future you should be fine.
    Answer Applies to: Alabama
    Replied: 3/2/2012
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    If he died within 180 days after you filed you must disclose the asset and attempt to exempt it.
    Answer Applies to: Michigan
    Replied: 3/2/2012
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    An inheritance if obtained within 6 months of filing is property of the bk estate.
    Answer Applies to: Nevada
    Replied: 3/2/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    Any windfall money you get within 6 months of your filing, can be taken from you to pay off your debts. So, in your case if you received this inheritance within six months of filing if you cannot exempt the full amount then this money can be withheld by the court.
    Answer Applies to: California
    Replied: 3/1/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If the trustee knows about it then it is part of the bankruptcy estate and is open to be seized.
    Answer Applies to: New York
    Replied: 3/1/2012
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    If your filed bankruptcy within the past six months, then you must report the receipt of the inheritance to the bankruptcy trustee. Failure to do so is bankruptcy fraud and can keep you from receiving a discharge.
    Answer Applies to: California
    Replied: 3/1/2012
    Law Offices of James Wingfield
    Law Offices of James Wingfield | James Wingfield
    Assuming you filed a Chapter 7 bankruptcy, then the Bankruptcy Trustee will likely make a claim for the inheritance if your grandfather died within 180 days (about six months) after you filed for Bankruptcy. You should talk to your bankruptcy attorney immediately.
    Answer Applies to: Massachusetts
    Replied: 3/1/2012
    Moore Taylor Law Firm, P.A.
    Moore Taylor Law Firm, P.A. | Jane Downey
    Yes you need to tell the trustee.
    Answer Applies to: South Carolina
    Replied: 3/1/2012
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