family limited partnership in form of inheritance

[ruth sandon]

What is the name of your state? arizona i filed chapter 7 feb. 25, 2004 reopened jan. 2005 because mother died received inheritance in form of family limited partnership. all my mother's money we had no rights or claims and could never contribute to the partnership. bankruptcy took it. how long does it take to finalize? why don't i hear from trustee even when i send self addressed stamped envelope for reply? i was told not my money belongs to courts won't get any of it. there is more than my debts. why won't i get any?

[Ladynred]

If the amount the Trustee gets is more than all of your debts, AND the Trustee's fee, then you SHOULD get something back. The Trustee's job is to get money to pay your creditors, if they're paid at 100%, then that should be the end of it.. except the Trustee does get a percentage of what he/she recovers.

Do you have a lawyer ???

[chris7]

I'm also curious about the timing. Did your mother die withing 6 months of your filing? I thought that after 6 months had passed something like an inheritance would no longer be under the jurisdiction of the trustee.

[Ladynred]

Not necessarily. It this setup was in exsitence before the OP filed bankruptcy, it became part of the bankruptcy estate. In that situation, the Trustee can come along YEARS later and make a claim.

[ruth sandon]

family limited partnership was set up in 1998 against our wishes. mother used our social security numbers without our consent. she died 2000. therefore according to the courts i became owner of share in partnership in 2000. dissolution date on partnership was 2098. partnership trustee decided to close it in 2005. i do not object to the bankruptcy courts taking my share, my debts now will be paid. after trustee and court attorney is paid there should be money left. all debts were recent prior to bankruptcy. i had renal cancer. how long will it take to finalize before i know if i will receive the excess cash?
rs

[ruth sandon]

Originally Posted by Ladynred

If the amount the Trustee gets is more than all of your debts, AND the Trustee's fee, then you SHOULD get something back. The Trustee's job is to get money to pay your creditors, if they're paid at 100%, then that should be the end of it.. except the Trustee does get a percentage of what he/she recovers.

Do you have a lawyer ???

no i do not have an attorney. the attorney when i filed said she no longer represents me after my discharge in 2004. i am no longer working do to my health and can't afford an attorney.
thank you for asking.
rs

[Ladynred]

I would call the Trustee's office and ask what the status is and ask for a statement of what's been paid out and to whom. You are entitled to that.