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If I file for chapter 7, can I keep an inheritance I have coming?
Our family has been dealt some difficult financial blows by the recent economic situation, and we’ve gotten ourselves into over $30,000 of credit card debt. As far as I can tell, our only option is to file bankruptcy, because we can’t even keep up with the minimum monthly payments.
However, my mother-in-law is going to leave us some money when she passes, and her health is deteriorating. We would like to keep this money to help us get back on our feet after the bankruptcy is done and we’ve got our fresh start. How will this be treated in the bankruptcy?
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My question is about a CD. If I file for Chapter 7, will be certificate of deposit be protected?This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers
You must list future interests, such as a pending inheritance, on schedule B of your bankruptcy petition. If it is safe to assume that the inheritance will be in your possession within one year of your bankruptcy, then it may be available as capital that the trustee may use to repay creditors.
This is a difficult question, and really requires a bankruptcy attorney sit down with you to discuss the details. Depending on the circumstances of your case, it may not be considered a future interest if there can be no definitive estimate of when you will receive it.
If it is not listed as a future interest, then it will not be part of the bankruptcy estate, and you will have every right to keep all of it. HOWEVER, any attempt to deceive the court will be grounds for a dismissal and could wind up costing you a lot more. If you choose to file bankruptcy without professional legal representation, then it’s best that you list the inheritance and explain to the court and bankruptcy trustee your situation.
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Posted by Domenica Ginocchio on 30 Mar 2010