Salt Lake City Bankruptcy Attorneys

Inheritance

Inheritance can have a big impact on your bankruptcy case. For example, inheritance within 180 days of the date that your bankruptcy petition is filed will mean that your inheritance may become a part of your bankruptcy estate. You must notify the bankruptcy court of the fact that you have received inheritance, and this is done by altering the paperwork you filed. Although you may not receive any money for a long period of time, you must still disclose the inheritance. The date that applies here is the date that your loved one passed away.

What will happen with inheritance will also vary depending upon whether you have filed a Chapter 7 or Chapter 13 bankruptcy case. In a Chapter 7 bankruptcy, your inheritance will go to the bankruptcy trustee if it comes within the first 180 days after your case was filed. For a Chapter 13 bankruptcy, the value of your inheritance will be used to determine how much disposable income you have to make monthly or biweekly payments as a part of your repayment plan.

However, if your inheritance is received more than 180 days after filing your bankruptcy claim, the bankruptcy court will have no right to it and you will be able to keep it rather than share it with your creditors.

Bankruptcy Lawyers Serving Ogden, Provo and Salt Lake City, Utah

Contact the Stone Law Firm today to find out more about inheritance and how this is affected by filing for bankruptcy. A Salt Lake City bankruptcy attorney at our firm can meet with you to discuss your questions and address your concerns – all in an effort to help you make the right decision about filing for bankruptcy. Our lawyers are dedicated to helping you in this difficult time, and we want to help protect your inheritance. We represent clients throughout all of Salt Lake City, Ogden and Provo, Utah.

Find out how we can help by contacting a Salt Lake City bankruptcy lawyer at the Stone Law Firm for a free consultation.