• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

When does this count as income?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

What is the name of your state (only U.S. law)? WV

I have a bankruptcy that will be discharged on February 10. My uncle died two weeks ago and left me and my sister $400,000. I have tried to keep the details of my bankruptcy filing secret from my family members, but I my sister just told me that the trustee will be sending a check for my share of the inheritance shortly. I guess my question is this: If I receive the check before February 10 and do not deposit it, will I be breaking any law?
 


bigun

Senior Member
It's not income. It'sproperty of the bk estate. {Assuming it's been less than 180 days since you filed.
You need to inform your attorney immediately.

11 U.S.C. 541

(5) 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;

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

(C) as a beneficiary of a life insurance policy or of a death benefit plan.
 

Zigner

Senior Member, Non-Attorney
What is the name of your state (only U.S. law)? WV

I have a bankruptcy that will be discharged on February 10. My uncle died two weeks ago and left me and my sister $400,000. I have tried to keep the details of my bankruptcy filing secret from my family members, but I my sister just told me that the trustee will be sending a check for my share of the inheritance shortly. I guess my question is this: If I receive the check before February 10 and do not deposit it, will I be breaking any law?
Why SHOULDN'T this money be used to pay your creditors? :rolleyes:
 
If I have to pay creditors, I will, but if there is a legal way to keep more of this money (I am a divorced mother with custody of three children, one of whom was just accepted into a local college) I think that would best benefit my family. I will also consult my bankruptcy attorney. I was just wondering because it's so close to the discharge date. Thank you for your time.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top