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  1. #1
    Luna1964 is offline Junior Member
    Join Date
    Jan 2005
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    7

    Possible inheritance on same day as BK-7

    What is the name of your state?Today....in Florida...I had my 341 Meeting for a Chapter 7 BK. Everything went fine and I just waiting on the Discharge in 60 days. IRONICALLY..When I got home I got a call regarding my grandmothers estate. She died in 1994. She was supposed to recieve part of the EXXON Valdez Oil settlement...and she stated in her WILL that 11 of us would split her share. This call came today....first one since she died...and I am in mortal fear that I may have inherited that money on the very day that my credit is officially ruined for 10 years. I never in my wildest dreams thought I would ever see it since its been 15 years and Exxon hasnt paid ONE penny. I didnt answer the call but heard the voice mail that it was in regards to her estate. I cant imagine what else it would be about.

    What are my options...if in fact this is what I think...has EXXON paid out?? I cant locate any info on that.

    I know Im supposed to report any inheritance or large sums of money that I receive within 180 days of my BK Filing (Dec 16th). Can I do anything.....like refuse my share so that the other beneficiaries get my portion?? Id rather do that than hand it over to the Trustee.

    What are all of my options??? I wish I could just ignore the calls for about 8 months...heh. But I dont want to get any fraud charges or an overturned Discharge.
  2. #2
    Dandy Don is offline Senior Member
    Join Date
    Apr 2002
    Posts
    9,495
    If possible, wait and see if you can find out how much you will be receiving before you decide to decline. It's very odd that you don't want to use this money to pay off some of your bankruptcy debts.
  3. #3
    Luna1964 is offline Junior Member
    Join Date
    Jan 2005
    Posts
    7
    I dont understand why you say its odd that I dont want to apply this >possible< inheritance to Bankrupted Debt.

    If you filed bankruptcy and had all your debts disharged....and had it noted on your credit reports for 10 years....why would you apply an inheritance to that debt when the damage is already done and there is no more debt???

    There is no "moral" issue to paying off an already bankrupted debt. Thats tossing money in an empty abyss. Your credit rating does not improve, you are still on Public Record as Bankrupt, and your creditors dont care anymore since you are written off. Your position does not change. The damage is done..>period<.

    This isnt a situation where I have not yet filed Bankruptcy and have the choice to preserve my credit rating and relationship with creditors. My financial situation is beyond repair. I am simply asking if there is a way that I can refuse my part of this inheritance and have it transferred to the OTHER beneficiaries. Otherwise, it becomes a wash in the Trustee's hands.

    Theres nothing ODD about this at all.

    If your legs were cut off and you won a lifetime supply of shoes.....would you throw them all in the garbage or would you want to give them to someone who could use them??
  4. #4
    divgradcurl is offline Senior Member
    Join Date
    Jul 2002
    Location
    Bay Area, CA
    Posts
    7,744
    There is no "moral" issue to paying off an already bankrupted debt.
    Yeah, there is. Just because your credit is ruined, does that mean you have the moral right to deny payment to your creditors? They have to absorb the losses, you know -- it's not like they get paid off from some bankruptcy fund or something. Someone has to eat the loss -- when you declare bankruptcy, its the creditors. Why is it right to deny them partial (or complete) payment of your debts?

    Your credit rating does not improve, you are still on Public Record as Bankrupt, and your creditors dont care anymore since you are written off. Your position does not change. The damage is done..>period<.
    So, in other words, if you can't have the money, or if you can't use the money to improve your credit rating, then the creditors deserve to get nothing?

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