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What Will Happen To My Inheritance In A Bankruptcy Plan?

Inheritances are often something that many of us don't expect and haven't factored into the financial picture. When a client decides to file bankruptcy their current and future income is taking into account in determining which bankruptcy plan, chapter 7 or chapter 13, will be the most benefit to them. Debtors facing financial hardships causing them to contemplate bankruptcy have additional considerations when faced with the possibility of an inheritance.

Depending on the state where a person is filing bankruptcy the trustee may view an inheritance as a non-exempt asset and factor it into the amount which must be distributed to creditors. The main factor here is the timing of the bankruptcy filing in relation to the inheritance. For instance, if a person receives an inheritance prior to filing bankruptcy that inheritance would be listed with other assets in the bankruptcy schedules. In a chapter 7 bankruptcy filing the debtor would have to notify the trustee of any assets received up to 6 months after the case has been filed, even in the event of a discharge. Chapter 13 bankruptcy cases are treated differently. If a person is in a chapter 13 bankruptcy repayment plan when they receive an inheritance then the plan would have to be adjusted to include the inheritance as a part of the chapter 13 estate. Depending on the size of the asset received, it could be beneficial to seek advise from counsel as to whether to dismiss the plan altogether.

The decisions that confront debtors facing the impact of an unexpected inheritance on a bankruptcy plan require the advise of an attorney with years of experience in these matters. Douglas County Bankruptcy Lawyers have guided hundreds of clients through difficult financial decisions. If you have questions regarding bankruptcy related matters contact us today.

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