I just filed ch 7 bankruptcy and was informed that my deceased father left some money to me. What happens to the money?

Asked over 1 year ago - Kent, WA

My father died over 2 years ago. The estate just got out of probate and there was $7000.00 left

Attorney answers (4)

  1. Douglas Jay Lineberry

    Contributor Level 12

    10

    Lawyers agree

    Answered . 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... more
  2. Madhu Kalra

    Pro

    Contributor Level 14

    10

    Lawyers agree

    Answered . 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.... more
  3. Diana Carolina Valle

    Contributor Level 7

    8

    Lawyers agree

    Answered . 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.

  4. Craig Steven Sternberg

    Contributor Level 2

    5

    Lawyers agree

    Answered . 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... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

23,337 answers this week

2,980 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

23,337 answers this week

2,980 attorneys answering