Inheritance question

[mycreditisbad]

I am filing for BK on 9/8. I am an heir in my grandmother's will, even though I am not exactly sure how much I will be getting. How long after a BK do you have to wait in order to keep the money and not have to pay back the debts that were discharged?

Thanks!

[yoyoma51]

When you go to your 341, the trustee will ask you if you are an heir in any will.

Assuming the person has not died, you are not yet an heir.

According to our trustee, you are required to notify him/her (through your attorney) if you become an heir within 180 days after the date of filing. Our trustee told us he would be coming after any 'non-exempt' money if this happens. So, by about 3/8/09 you would be no longer obligated to notify the trustee and should be able to keep any proceeds.

Keep in mind, if you are married, using the federal exemptions and do not own a home (or have little equity in a home), you are able to exempt a fairly large amount of $$$ (x2 for married couples). Even after exempting all our assets (2 cars, etc), we were still able to exempt a tax refund in excess of $10,000 after having our attorney do an amended petition.

[AngelinaCat]

Our trustee asked us at our 341 if we were due to receive an inheritance, not if we were on anyone's will.

'Hub may or may not be in his brother's will. But BIL is a notorious crack-head and very mercurial because of his habit. So this will could have been changed any number of times since the two of them last had contact. So we said no, not to our knowledge.

Good luck.

[cool33097]

Same thing that my Trustee said (I am in FL), to notify him if we inherit anything in 6 months.