Can I inherit money if I’m about to file for bankruptcy debt relief?
If you have recently filed for bankruptcy debt relief and you are about to receive an inheritance; it could be taken by your creditors. This is true whether you are filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy debt relief. Whether or not your creditors will receive your inheritance depends on the timing of the inheritance. Whether or not you filed a Chapter 7 or a Chapter 13 is important for purposes of receiving an inheritance.
If you file a Chapter 7 bankruptcy and receive an inheritance. Normally the inheritance is a part of your bankruptcy estate, so your bankruptcy trustee can use it to pay your debts. However, there are exceptions. The six month rule determines whether or not your inheritance must be distributed to creditors.
Also, if the person leaving you an inheritance dies within six months (or 179 days) after you file a bankruptcy petition, your creditors also have a right to your inheritance, even if you do not receive it until later. If the individual who is leaving you money dies 181 days after you file your bankruptcy petition, you may keep the money, and it does not have to become a part of the bankruptcy.
You may wonder how anyone will know if you receive an inheritance, especially if you will not receive it for several months or even years later. The rule is that you must report an inheritance to the trustee. If you fail to do so, your bankruptcy petition may be denied.
There are some exceptions to the general rule. Under a Chapter 7 bankruptcy debt relief, there are some exemptions in property and other assets that filers may keep. In other words, certain amounts of property and assets that the trustee cannot take as part of the bankruptcy. If your inheritance is less than your state’s exception amount, you can keep the inheritance. You may also be able to choose the federal exemption amount instead of the state exemption amount. Also, if the money was left to you in certain types of trusts, it is not part of your bankruptcy estate.
In a Chapter 13 bankruptcy, you will pay your creditors part of what you owe them. The trustee will not be able to seize your inheritance unless you stop making your payments.
Bankruptcy Debt Relief Attorney’s
If you are concerned with bankruptcy and receiving an inheritance, you should speak with your bankruptcy attorney. Call the bankruptcy attorneys at Holston & Huntley, LLC at 888-513-0004. We can help you evaluate your options. Call us today to schedule a FREE consultation on your case. We serve the states of Georgia and Alabama.
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