I''m 1/4 owner of deceased relative''s home (10 months ago), yet unsold. Will inheritance be taken during bankruptcy? (I still pay mortgage on my home)
What is the impact during personal bankruptcy, once past the 180 days? Can MY home be taken away? (I have much attorney debt, which is absolutely unaffordable.) Please advise? Thank-you.
There is insufficient information to answer your question. When was your bankruptcy case filed? What chapter was filed? When did the relative pass away?
If you have an interest in an asset on the date your case is filed, or become entitled to receive it within 180 days after filing via inheritance, then it is property of the bankruptcy estate and subject to being sold by a bankruptcy trustee in a Chapter 7 case unless you have sufficient exemptions to protect it under applicable law.
Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of California Board of Legal SpecializationHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter: @bklawr
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