What does this mean?

[apie1]

What is the name of your state? IL

Is there a 180 day rule after your bankrupcty case has been closed? If so, what does that mean? The case was filed and closed under the OLD law...

 

[bigun]

What is the 180 days in reference too? Need some details.

 

[apie1]

Sorry bout that! I thought I had read somewhere there is a chance your case could still be re-opened 180 after your case has been closed? Sorry if I am wrong but if that is true, what would be the circumstances as to why it would be re-opened? I mean, once its closed, its closed, right? Our case hasn't been re-opened or anything like that, I am just trying to get some insight on it...

 

[bigun]

Someone will have to convince a trustee of some serious fraud allegations to get the case reopened.

 

[Betty]

There is a 180 rule re: (applies to chapter 7 & 13) If you are the beneficiary of a life ins. policy & the insured dies within 180 days of you filing for bk, the proceeds will be included as your asset. Also, if you are the bene under a will or trust of another person & the person dies within 180 days after you file for bk, your inheritance will be included as your asset. After 180 days, you're ok. There has been some "confusion", however, whether the 180 days is from date of filing or date of discharge (& bk must be officially closed after discharge). I have read different info myself & on a radio talk show where you call in & ask the lawyer he talked about the confusion of whether after filing or after discharge. I guess if a person wanted to be sure they were doing the right thing if they receive any money after bk, they should run it by bk lawyer or trustee.
edited to add: Bigun - Didn't you & I go through this previously? )
https://forum.freeadvice.com/showthread.php?t=324729

 

[bigun]

No confusion. The code specifically says the filing date.

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.

 

[Betty]

No confusion. The code specifically says the filing date.

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.

Bigun - thanks. I don't know why there is such a difference between web sites' info, my law book & the lawyer on the radio. (some say filing & some discharge - radio lawyer not sure) Your info per code I'm sure is correct. Betty