Filed Chapter 7 and since (before creditors meeting) received a small inhertiance in the amount of 5k.

Asked over 4 years ago - Bangor, ME

Filed Chapter 7 and since (before creditors meeting) received a small inhertiance in the amount of 5k. Can I keep the inhertance because it would be exempted under the exemption under Article 7, Item 16 Unused residence ememption? I use nothing for my residence exemption nor the Unused residence exemption. Wouldn't it be save there?

Attorney answers (2)

  1. Lee M Perlman

    Pro

    Contributor Level 8

    Answered . If the tenant/debtor assumed the lease and you are in chapter 7 and he is current there is probably not much you need to do. If however the debtor falls behind a motion for relief from stay may be necessary. Remember to only contact the debtor through his attorney, contact seeking payment could be a stay violation subjecting you to sanctions and attorneys fees.

  2. Lee M Perlman

    Pro

    Contributor Level 8

    Answered . First this would be property acquired within 180 days of fling under the code. You want to carefully examine your exemptions you may need to amend them if you have enough room under your catchall or wildcard.

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