My father died over 2 years ago. The estate just got out of probate and there was $7000.00 left
Estate Planning Attorney
Under Section 541 of the bankruptcy code, the bankruptcy estate will include any property you acquire or are entitled to acquire by inheritance within 180 days after the date you filed your petition. You could try to argue that you were actually entitled to it as of two years ago when your father died, it simply took that long for the probate to be administered. That said, note that the statute reaches what you do acquire or are entitled to acquire. That argument would only reach the "entitled to acquire" aspect. The bankruptcy trustee is surely going to assert that as you actually acquired the inheritance within 180 days after your petition was filed, it is part of the bankruptcy estate.
The foregoing is commentary regarding a general legal question. It is not intended to be legal advice specific to the reader's individual situation nor does it create an attorney-client relationship between the author and any reader. You are encouraged to contact a qualified attorney to discuss your legal situation.
Chapter 7 Bankruptcy Attorney
To supplement the above, there should have been a question on your bankruptcy petition asking you whether you believe you might come into any inheritance. You might want to make sure the information is accurate so you are able to receive your discharge.
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Check with your lawyer and see if you can amend the schedule and exempt the amount you are about to inherit .
Madhu Kalra Kalra Law Firm 23720 Arlington Avenue, Ste 5 Torrance, Ca 90501 (310) 325-9012 http://www.thekalrafirm.com
The $7,000 should be an asset of your estate. You may be able to exempt it.
This response is limited to the facts provided and the applicable law without further inquiry or briefing. It is not to be relied upon until all facts are checked and confirmed and we have an oppurtunity to conduct further research.
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