Legal Question in Bankruptcy in New York

Bankruptcy/Will

I have a 2 part question

I am currently not working and receving unemployment and would like to file bankruptcy I have no assets. However if my mom dies I will owne everyting

If if file chpt. 7 would they take what was willed to me


Asked on 9/21/03, 12:52 am

2 Answers from Attorneys
Neil Colmenares The Law Office of Neil E. Colmenares, P.C.

Re: Bankruptcy/Will

God forbid your mother passes away, your inheritance will only be "taken away" if she passes away within 180 days of filing for bankruptcy. Remember, an expectation to receive something is not the same as actually receiving it. Please call this office to schedule a consultation at 718-888-3108.

Very truly yours,

Neil E. Colmenares, Esq.

718-888-3108

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Answered on 9/22/03, 9:34 am
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Bankruptcy/Will

I hope your mother is in good health and I am sorry that you are forced to consider such morbid, material issues. But good planning makes this important for you.

The material possessions you hold at the time of your Bankruptcy Petition are called your 'bankruptcy estate'. That estate includes all of your assets not covered by exemptions. "Assets" includes your current material possessions and some other things like the proceeds of any current lawsuits. This will include any new assets you receive in the 180 days after you file for bankruptcy. On the 181st day, your 'new' assets are yours, free and clear.

You are welcome to a consultation for no fee at my offices at 42 West 44th Street, NY,NY. Please call (646) 591-5786 for an appointment first.

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Answered on 9/22/03, 5:40 pm


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