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

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.

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Attorney answers 4

Posted

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.

Posted

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

Sounds like an inheritance, look at 11 USC 541.

Posted

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 advice or a legal opinion. No attorney-client relationship is created by this message. Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area. I am a Federally Designated Debt Relief Agency under the United States Bankruptcy Code. I proudly help people in financial need file bankruptcy cases. IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).

Posted

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 advice. I don't have enough information to give actual legal advice. I can only take the limited information presented and provide a idea of what you might do and how it may turn out.

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