If I inherit money after my bankruptcy, can I keep it?

more+
less-

I need to file a Chapter 7 bankruptcy. My father is elderly and quite ill. If he dies after my bankruptcy and I inherit money from that, can I keep it?

In general, when a person files bankruptcy, his or her "bankruptcy estate", the assets that would go to creditors unless "exempted", is determined at the time the bankruptcy is filed. The important exception to that is if the person gets money or property because of someone dying within 180 days after the bankruptcy filing.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Bankruptcy Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Malcolm Ruthven | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »