I moved to Colorado at the end of July, 2009 after living in Florida for over 20 years. I filed for bankruptcy in Colorado on February 17th, owing $225K on a mortgage for a Florida townhouse now worth only 140K that has lapsed into foreclosure (which will be turned over to the bank as part of the bankruptcy) and roughly 60K in other debt (medical, credit cards, etc...). I was given the understanding that the bankruptcy would commence under Florida guidelines.
My father passed away in April and I was just contacted by the estate trustee, telling me that I will inherit 50% of his Schwab Rollover IRA (approx. $24K), and 30% of his remaining assets (to be determined). Is there any way that any of this inherited money can be shielded from creditors?
2 Answers from Attorneys
If you currently have counsel for your bankruptcy, you should consult with him/her first. Your bankruptcy attorney would be familiar with the exemptions you have already claimed and what remains available.
Florida has some generous exemptions for Florida homesteads, but its exemptions for chattel property are not as generous as other states.
Good advice from Mr. LaBella.
Just to be clear, the inheritance is property of the bankruptcy estate, pursuant to 11 USC 541 (a)(5).
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