Kentucky Inheritance / Bankrupcy Question

[jashby76]

What is the name of your state? Kentucky

I am considering filing bankrupcy because of credit card debt. I am also likely going to be inheriting about $50,000 in the next year from a terminally ill family member. I am wondering if I do not file for bankrupcy before I get the inheritance if the credit card companies can take my inheritance money from me? Also, if I file for bankrupcy and then inherit the money afterward will I be required to turn over my inheritance money?

 

[roadiez]

Yes they can

It will be considered income and yes they can take it for paying bills whether in Bankrupcty or not.
Also you might check to see if you can recieve the money prior to the death of the family member as a gift....The Federal guidelines say that you can recieve that $$ at the rate of $11000 per year(check you state laws as to what amount will be taxed). The family member can also give that amount to each family member also...Ie: kids spouse and such. But not the Dog