Chapter 13 Bankruptcy-Assets acquired during interim period of filing and plan approval

Asked almost 2 years ago - Tucson, AZ

If a person filed cpter 13 bankruptcy in December 2009, but their plan was not approved by the court until July 2012 and during the interim period they came into money, are they required to report it to the trustee? The source of the income was not listed on the original schedule of assets presented in December 2009.

Attorney answers (4)

  1. Steven W Zachary

    Contributor Level 17

    9

    Lawyers agree

    Answered . If you are still in BK you need to let the trustee/court of any income you have in your estate. Talk with your lawyer and let them know what happened so your attorney can make the decision on how to proceed.

  2. Gary D. Bollinger

    Contributor Level 19

    9

    Lawyers agree

    Answered . You wrote, "...they came into money,..."

    Sounds like an inheritance, look at 11 USC 541.

  3. Derek R. Caldwell

    Pro

    Contributor Level 19

    8

    Lawyers agree

    Answered . You need to talk about this with your attorney and will likely need to disclose to the trustee, especially if this was an inheritance.

    DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal... more
  4. James Portman Webster

    Pro

    Contributor Level 15

    Answered . As everyone else said, talk to your attorney first.

    Any income during bankruptcy is property of the bankruptcy estate. That is a fancy way of saying this income is not your income.

    There are few exceptions to this rule and this is why you should speak with your attorney. If you don't have one, get one.

    Good luck.

    Jim Webster
    www.jpwlegal.com

    1845 S. Dobson Rd. Ste 201
    Mesa, AZ 85202

    (480) 464-4667
    Jim@jpwlegal.com

    We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

    If you live in Arizona, please contact me for actual advice; this is just speculation. It certainly is not legal... more

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Chapter 13 bankruptcy

Chapter 13 bankruptcy is called a wage earner's plan because it lets people who earn an income repay their debt (all or some) over time and keep their property.

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