QUESTION
I''m the beneficiary of money from a relative that passed away. This happened right after I filed chapter 7. How can I get out of losing my money?
Asked on Oct 30th, 2011 on Bankruptcy - Kentucky
More details to this question:
I tried to have it dismissed but it wasn''t allowed since the court now knows that I will receive some money. I may get about $26,000 but my debt is $19,900. I understand I can keep 12,000 but I also owe $6000 in back taxes. I''m now unemployed and losing this money can very well but me back in the same situation I''m trying to get out of. Collection agencys are carrying this debt and I know they can settle for a lot less then they are asking for. How do I get out of this without being left broke? What would happen if I just didn''t show up for the meeting?
1 ANSWER
William/J Joanis
This asset is property of the estate. Back taxes may be nondischargeable, and priority claims, so it is not a bad thing to that extent. I assume by the $12,000, you are referring to the wildcard using the Federal exemptions, which are available in Kentucky. You should talk to your bankruptcy lawyer, this is something they should help you with.
Answered on Oct 31st, 2011 at 2:10 PM