poss. inherit & bk

[rodeomom]

as many of you know we are in process of filing bk

waiting til all med. tests get done before we file, this should be in @ 2 weeks.

ok, on bk ? that we filled out for attorney it had section about are you likely to inherit any $ in the next 6 mo. I answered no because we weren't expecting anyone to pass. Besides that, my parents have already made it known how it will all go and it doesn't include me.

well dh's father just passed away this am, early. Nothing is known for sure, but I would imagine there is a bit of $, certainly more than funeral will be and he has some land. there are 4 remaining kids.

I assume I need to tell attorney & I will.

will this affect our bk and how?

what do I need to be prepared for?

I have no way of knowing for sure if dh will inherit and it may take months to set that straight.

[blacksurfer]

I thought the question meant if you knew for sure that you would get something. Wishful thinking and hoping doesn't count, IMO, but check with your lawyer.

[bingo]

You'll need to disclose that to your lawyer. Your husband has some assets with an unknown value.

Had you already filed, the law says any inheritance within 180 days of filing needs to be reported.

[nimbus]

just to clarify, is it 180 post filing or 180 days post discharge that inheritance needs to be reported?

thanks

[bingo]

Filing date. Here's the applicable section of the code.

http://straylight.law.cornell.edu/uscode/html/uscode11/usc_sec_11_00000541----000-.html

) Any interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date—

(A) by bequest, devise, or inheritance;

( as a result of a property settlement agreement with the debtor’s spouse, or of an interlocutory or final divorce decree; or

© as a beneficiary of a life insurance policy or of a death benefit plan.

[nimbus]

wow, thanks. i was under the impression that it was the discharge date. this makes things nicer.

[rodeomom]

Hey guys thanks for the info.

I am trying to get caught back up here, funeral yesterday and all.

I have feeling this will be all a big mess for family as we find out no will and land he had is mortgaged to the hilt, although no one understands why.

one bro is an attorney, so at least that helps. He did excellent job handling estate of bro who died last aug (suicide).

I'm going to tell my attorney what little we know and hope it can be dealt with and not slow things down. IMHO, what assets there are, will have to be sold to pay off mortg. and well the car is very new and exp. so he probably owes more than is worth, so I assume they will just send it back or something like that.

I'm sure I will end up with more ? for ya all

[DocDon]

Reading over the first section of that.....

"Thus, where the debtor held only legal title to the property and the beneficial interest in that property belongs to another, such as exists in the case of property held in trust, the property of the estate includes the legal title, but not the beneficial interest in the property."

When they say "property" do they mean real property or does that include monies left to beneficiaries?

If it does, am I reading it correctly that monies in a trust fund are protected?

[rodeomom]

Hey DocDon, this is my 1st post back from phoenix.

Hope I am coherent

There is no will, so I don't think you can say anything is held in trust. and as far as beneficiaries, there are 4 surviving children. I kid died last yr so I assume his share would then be passed down to the minor son he had.

To mine & dh knowledge the deceased father's name was the only name on the deed to the real estate.

We do not know if there were any retirement or life insurance policies at this point.

The oldest son who has all that paperwork, is not talking. Messed up family.

We know that there maybe medical bills, cc - unknown. Definately mortgage on real estate he owned. From what little I know the family will be lucky if they can eventually sell the land and pay off the creditors and call it square.

I do remember oldest bro saying we would need to hire a local lawyer to handle all this. And the guy he is going to hire will suck a minimum of $4-5,000 I'm quite sure of.

If I'm understanding you correctly since dh name not on real estate this should not be a problem.?

Don't hesitate to slap me upside the head if I am wrong.