QUESTION
If I receive any inheritance after filing chapter 13, can they take that money from me?
Asked on Sep 26th, 2016 on Bankruptcy - Ohio
7 ANSWERS
I always wonder who THEY are supposed to be. As Chapter 13 is a program in which you propose a way to repay your debts from your income and your assets, it seems only right that if you have more assets, you should pay more to your creditors. The details of your particular case will determine whether you will be able to chose to keep some, all or none of your inheritance.
Answered on Oct 17th, 2016 at 6:16 AM
2 Awards
Inheritance will increase your disposable income and is to be turned over to your creditors.
Answered on Oct 17th, 2016 at 6:16 AM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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Yes. It will be property of the estate.
Answered on Oct 17th, 2016 at 6:15 AM
Yes they can, unless you can exempt it somehow. If you are expecting an inheritance, you should seek legal counsel immediately if you do not already have a lawyer.
Answered on Oct 17th, 2016 at 6:15 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, they can up to the amount of debts owed your secured creditors.
Answered on Oct 17th, 2016 at 6:14 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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If you are an honest person, then you or your lawyer will notify the chapter 13 trustee of the inheritance. If the inheritance is all exempt, you need not worry. If it is at least partially non-exempt, then you will very likely have to turn it over to the trustee. It's always a good idea when you have a court matter to retain an experienced lawyer. It's almost always worth the investment.
Answered on Oct 17th, 2016 at 6:14 AM