Bankruptcy and inheritance???

[dasie_girl]

I am 19 years old filing for bankruptcy (I have already filed) to release over$15,000.00 in debt. I understand that I have to report any inheritances recieved for the next 180 days or face up to 5 years in prison. (I live in Racine, WI) I recently found out that my grandmother is not expected to live through the end of the week. Over $300,000.00 is expected to be divided amongst her family, only $1,000.00 of it coming to me.

Can I refuse to accept the inheritance? I know she means it to go towards my college education or planning a wedding, but I would rather have it go to the rest of the family than to go to my creditors in my bankruptcy case. Also, my family does not know about my filing for bankruptcy, and there is not time to change her will.

Is there anything I can do to prevent loosing this money to my creditors?

 

[lawrat]

I am a law school graduate. WHat I offer is mere information, not to be construed as forming an attorney client relationship.

Yes you can renounce the gift. You do not have to accept it.

What will happen is it will go either to her residue as mentioned in the will or will be given to the first heir to inherit via the probate code (the one entitled to it).