I am in ch.7 Bankruptcy awaiting a continuation of my 341 meeting. There is a new developement in the spendthrift Trust which I am 1/3 beneficiary of. The trustee of the Trust and all beneficiaries might be agreeing to terminate the Trust. Of course sense its a spendthrift trust this will take a court hearing and the consent of the trust trustee and all beneficiaries. There is a house I will get 1/3 title of and possibly and some tens of thousands of dollars I would acquire.
Should I inform my BR trustee of this even though it may be months away and is pending a court decision. My guess is yes.
I know these assets except for the house would become part of the BR estate, but what happens if I acquire assets during bankruptcy that exceed my dischargeable debt? Will they give me back the extra money that is not applied to discharged debt? or try to roshambo it?
Perhaps I should try to convert to chapter 13 with this new developement.
Does anyone know how this might play out in my bankruptcy?
Any feedback is appreciated.
Should I inform my BR trustee of this even though it may be months away and is pending a court decision. My guess is yes.
I know these assets except for the house would become part of the BR estate, but what happens if I acquire assets during bankruptcy that exceed my dischargeable debt? Will they give me back the extra money that is not applied to discharged debt? or try to roshambo it?
Perhaps I should try to convert to chapter 13 with this new developement.
Does anyone know how this might play out in my bankruptcy?
Any feedback is appreciated.
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