Absurd Theoretical Question

[moe]

OK this question is merely theoretical BUT

I am curious at this idea that % of payback does not matter.

Suppose I owe $50,000 to creditors and declare bankruptcy. Then a rich uncle dies and leaves me $100,000 after taxes. Now suddenly I have $100,000 disposable income. Do the credit card companies get all $100,000? That seems a little crazy.

Can't I just pay what I owe and keep the rest? Or am I stuck in the weird scenario of a Chapter 13 for 5 years anyway and whatever windfall I have goes to credit card companies. If I win the lottery, THEY win the lottery. I am still broke.

I hope no one is annoyed at me for this question. Clearly, I've been thinking about bankruptcy WAY too much!!!

I don't believe in the lottery by the way. I will never inherit money. This is all hypothetical...To me, there are many things about the bankruptcy laws that aren't intuitive or logical and I just wanted to see how illogical they are.

[dmc-2008]

No I think at that time you modify to pay 100%, pay it off and discharge. I don't think I will ever have this problem either! Lol

[dyrstr8s]

Why would you think you'd have to pay more than you owe?

[LadyInTheRed]

Moe, stop worrying so much! You're going to make yourself crazy. A BK is designed to help debtors, not to punish them by forcing them to pay more than they actually owe, plus some trustee fees.

[moe]

I do need to stop worrying, you are so right!

It is hard to do something like this without feeling like I understand it completely. But on the other hand my confusion makes me realize that it was probably a good thing I never went to law school.

[LadyInTheRed]

Keep asking questions. But try to base them on fact, instead of fears. Read carefully what you've been told in other threads and ask more specific questions if things don't make sense.

Also, I'm going to get really annoying because I'm not going to start saying it: Make some appointments with a few BK attorneys!!!!

[keepsmiling]

Also, I'm going to get really annoying because I'm not going to start saying it: Make some appointments with a few BK attorneys!!!!

Pretty sure the Lady meant she wont't STOP lol and just want to add that I won't either.
And start looking at cars.
And prepare yourself to stop paying those mins. Say this 1000 times a day:
Moe'sFamily,Inc. is NUMERO UNO.

Screw Chase, Wells Fargo, Bank of America etc. They don't give a damn about you.

[LadyInTheRed]

Pretty sure the Lady meant she wont't STOP lol and just want to add that I won't either.

LOL. Yes, that's what I meant. It's amazing what comes out of my fingers sometimes.

And start looking at cars.
And prepare yourself to stop paying those mins. Say this 1000 times a day:
Moe'sFamily,Inc. is NUMERO UNO.

Screw Chase, Wells Fargo, Bank of America etc. They don't give a damn about you.

That's all worth a repost!