Legal Question in Bankruptcy in Texas
bankruptcy and inheritance
if a person is due to receive a large inheritance but has filed bankruptcy, shouldn't the debts be paid with the inherited money?
2 Answers from Attorneys
Re: bankruptcy and inheritance
That depends upon when the person receives the inheritence. If the debtor becomes entitled to the inheritence (i.e., the person dies)before or within 180 days after filing the bankruptcy, then the inheritence becomes property of the bankruptcy estate and may be applied to payment of creditor claims. If the debtor becomes entitled to the inheritence after 180 days of filing, then the inheritence does not become part of the bankruptcy estate.
Re: bankruptcy and inheritance
Within 180 days after a bankruptcy is filed, any inheritance would belong to the bankruptcy Trustee assigned to the case. Yes, the inherited money would most likely be used by the Trustee to pay debts. Please feel free to call me to discuss this in more detail. (214) 979-7330
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