QUESTION

Will estate property be taken away in Chapter 7? How?

Asked on Aug 24th, 2015 on Bankruptcy - Washington
More details to this question:
If I have something willed to me would that be taken away if those people pass away and I am within the 7 years of a chapter 7?
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5 ANSWERS

Bankruptcy Attorney serving Las Vegas, NV at A Fresh Start
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Your question is kind of vague. If the person who may or may not leave you property in their Will dies within 180 days of you filing a Chapter 7 bankruptcy, you could lose it unless it is protected by an exemption. If the person does not die within 180 days of filing bankruptcy, you can keep any property that may be left to you in the Will. If the person who has left you something in their Will has already died, unless the property left to you is protected by an exemption under state law, the bankruptcy trustee will take the property and use it to pay your debts.
Answered on Aug 25th, 2015 at 6:17 PM

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Commercial & Bankruptcy Law Attorney serving Powell, OH at Ronald K. Nims
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Bankruptcy includes property which you inherit within six months of filing Chapter 7.
Answered on Aug 25th, 2015 at 4:45 AM

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Only if you become entitled to the inheritance, insurance, etc. within 180 days after you file the petition. Seven years has nothing to do with it. Best bet: retain an experienced BR lawyer to advise and represent you.
Answered on Aug 24th, 2015 at 8:37 PM

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Complex Litigation Attorney serving Costa Mesa, CA at Thomas Vogele & Associates, APC
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The answer is no. In a Chapter 7 case, anything you receive after your discharge is exempt, except for inheritances within six months of your discharge. If you receive an inheritance after that point, it is free and clear. Here is a good resource that explains in more detail the rules affecting such bequests.
Answered on Aug 24th, 2015 at 8:33 PM

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Bankruptcy Attorney serving Seattle, WA at The Law Office of Marc S. Stern
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If the inheritance is within 180 days of the petition date, it becomes property of the bankruptcy estate and the bankruptcy trustee may administer it.
Answered on Aug 24th, 2015 at 7:31 PM

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