QUESTION
How much of my inheritance can i keep? Chapter 7 within 180 days
Asked on Feb 26th, 2013 on Bankruptcy - Texas
More details to this question:
I found out I'm supposed to receive just under $15k from an estate. My wife and i have three kids, double day care ($1300 month), make under 100K, 2 student loans, car payment ($370 month) and a mortgage ($1500 w/escrow). (1/2 of it is actually in my kids' names...25% each) Can we keep it? We filed Chapter 7 within the 180 days, unfortunatley. Is there a way to hide it (legally)?
1 ANSWER
You need to discuss this with your attorney. In general, if you have any unused exemption available, you may be able to exempt some of the money. Second, you may be able to disclaim your inheritance. And, no, do not attempt to hide it unless you plan on spending some time in federal prison.
Answered on Mar 11th, 2013 at 10:00 AM