QUESTION
What happens if my husband files for bankruptcy and I am getting an inheritance?
Asked on Apr 17th, 2012 on Bankruptcy - Florida
More details to this question:
What happens if my husband files for bankruptcy and I am getting an inheritence. We have not been together for three years but we are still legally married. If he filed is my name attached to the bankruptcy and will the inheritence get taken
15 ANSWERS
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Should not affect you.
Answered on Jul 02nd, 2013 at 12:13 AM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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If your husband files and you do not, he takes the community in. Your separate assets remain your separate assets and are not included in his bankruptcy. It gets much more complex than this but that is the short answer.
Answered on Apr 24th, 2012 at 4:36 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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An inheritance is separate property of the non-filer. It is not property of the bankruptcy estate.
Answered on Apr 20th, 2012 at 3:55 PM
Car Accidents Attorney serving Bloomington, MN
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J. D. Haas & Associates, PLLC
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It is a possibility. Much depends upon the filing of the bankruptcy petition. If it is a purely individual filing, and you are not filing, then it may not be likely that your bequest will be taken. Please contact the filing bankruptcy attorney to protect your rights.
Answered on Apr 20th, 2012 at 1:52 PM
Barbara A. Fontaine
The original content and subject should not be modified, otherwise your answer will not be valid. As long as you alone are the recipient of the inheritance, it is not marital property.? Be sure you do not mingle it with any joint account. Keep it totally separate. If he files for bankruptcy, you are not responsible for his debts. The inheritance is yours to keep.
Answered on Apr 20th, 2012 at 1:35 PM
Family Law Attorney serving El Cajon, CA
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Law Offices of Sheryl S. Graf
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If your husband is filing separately, he is required to disclose all of his assets, including his interest in undivided community property assets, in his bankruptcy proceeding. Your inheritance assuming it is kept separate and not commingled with community funds is your separate property. Your separate property inheritance should be safe from being seized in your estranged husband's bankruptcy proceeding to pay his debts. Assuming your assets may ultimately be divided in a divorce or legal separation proceeding in the future, you should probably consult with a family law attorney to do some pre-divorce planning and assure that you don't handle your inheritance in a manner that could convert its character. The information presented here is general in nature and is no substitute for specific legal advice, nor is it intended to create a lawyer/client relationship.
Answered on Apr 20th, 2012 at 11:30 AM
Glen Edward Ashman
Generally no, although discuss this with your divorce lawyer.
Answered on Apr 19th, 2012 at 6:45 PM
Burton J. Green
Your inheritance is not a part of your husband's bankruptcy unless you filed a joint bankruptcy case with him. The fact that you are still married does not bring you, your property or your creditors into your husband's bankruptcy case. Given your question you do not have to worry about losing your inheritance.
Answered on Apr 19th, 2012 at 6:10 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You should seek counsel both with regard to the bankruptcy and inheritance issues and your present marital status. You have provided insufficient information upon which to allow the formation of an opinion which you could reasonably rely upon.
Answered on Apr 19th, 2012 at 6:07 PM
Only you can file for bankruptcy, you must sign the schedules. If you did not sign, and the inheritance is yours only, then it is not property of the bankruptcy estate.
Answered on Apr 19th, 2012 at 5:52 PM
Adoptions Attorney serving Middletown, RI
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Joseph F. Hook Attorney at Law
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As long as you maintain your inheritance in a seperate account in your name alone, you will not be required to turn the same over to the trustee. The inheritance could effect your husband's eligability for chapter 7 or the amount that must be paid into a chapter 13 under the means test if the inheritance is received within 6 months of the date of the filing of the petition.
Answered on Apr 19th, 2012 at 5:00 PM
Bankruptcy Chapter 7 Attorney serving Los Angeles, CA
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Bereliani Law Firm, PC
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Inheritances are seen technically as separate property. However, in bankruptcy you need to list and protect all assets. You need to report inheritances received upto 6 months after the date of filing. Since you have been separated and I'm assuming living apart then you should technically be fine but you still need to consult a bankruptcy attorney with the specifics of your situation.
Answered on Apr 19th, 2012 at 4:40 PM
The short answer is: "It depends". There are many factors that can come in to play here. In general, you are not liable for your husband's debts. So, his bankruptcy should not affect your assets or liabilities. However, bankruptcy court is for "honest but unlucky" people who need a fresh start. If the judge or trustee believes that the two of you are taking any actions to prevent your creditors from getting paid then the bankruptcy case could be dismissed and the judge could order sanctions against one or both of you. Bankruptcy judges are very serious about fraud cases.
Answered on Apr 19th, 2012 at 4:20 PM
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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I assume you are in Florida and not in a community property state. The bankruptcy trustee would not have a claim on your separate funds.
Answered on Apr 19th, 2012 at 4:20 PM
Norman Linder Hull
If your husband alone is filing, your inheritance should not be property of his bankruptcy estate and is probably not part of any marital estate either.
Answered on Apr 19th, 2012 at 4:14 PM