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Arizona assets - inheritance before filing Bk

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  • Arizona assets - inheritance before filing Bk

    A family member of mine is contemplating BK to avoid a judgment. She just found out today that she was named in the will of her neighbors (who died 2 years ago). She's rethinking bankruptcy now because she's afraid the trustee will want her inheritance. Any thoughts on this? I heard what's important is the date the person died, not the date she receives the money is the important factor in determining if it's included in the case. thanks!
    10/27/11 - Filed Ch13 ------ 2/27/12 - Conversion to Non-Consumer Ch7 ----6/11/12 - Discharged!

  • #2
    I believe as in any asset, the date is when you get it or 180 before in expectations. Now it depends upon what or how much she gets. If it is some trivial thing go for the BK as planned. If it is substantial, perhaps she won't need to bk. After all, BK is a way out of a bad deal. Does it matter if cash could do this for her? BK7 is a liquidation. If she has or gets stuff, it would not be fair to have the cake and eat it too. She (as all of us) do owe the money. Circumstances cause us to BK, so if circumstances allow her an out, so be it. Do NOT consider hiding this fact. It is serious if she does. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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    • #3
      This inheritance IS an asset and will be taken by a Chapter 7 Trustee, assuming it is more than a mere pittance. If she wants any chance in keeping it and wants to do a bk it must NOT be a chapter 7. She needs to consult with an attorney.

      Des.

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      • #4
        She doesnt know how much. Probably about 10K. We laugh, as it's probably enough to pay the BK attorney! I think they were planning on Chap 13, not 7. She's facing a deficiency judgment from a personally guaranteed loan for a business (as am I, which is why I'm a member of the forum!) Could be 100-300K for the deficiency.
        10/27/11 - Filed Ch13 ------ 2/27/12 - Conversion to Non-Consumer Ch7 ----6/11/12 - Discharged!

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        • #5
          She's meeting with an attorney tomorrow. Thanks!
          10/27/11 - Filed Ch13 ------ 2/27/12 - Conversion to Non-Consumer Ch7 ----6/11/12 - Discharged!

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          • #6
            I believe that as long as she can show that the money was spent on legit expenses, like attorney/car ins for a yr. any legit living expense, that there shouldn't be a problem with the trustee.10k is alot for an attorney, even in AZ. The judgement is one thing, but collecting on it could be several months down the road, just make sure that she doesn't keep any money in the bank, as it could be garnished. There are now companies out there that will track down your assets(bank accts./ savings/employment for wage garnishment/any investments or any assets held by the debtor for creditors. They advertise, no action, no pay.)

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            • #7
              She talked to an atty today. they advised her to not file yet. She could be getting a check in the next couple weeks. if she can hold out until next year to file, she could use the check to make repairs to the home and she should be in the clear.
              10/27/11 - Filed Ch13 ------ 2/27/12 - Conversion to Non-Consumer Ch7 ----6/11/12 - Discharged!

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