Lincoln, NE asked in Bankruptcy for Nebraska

Q: Chapter 7 bankruptcy in inherited

I became disabled. I need to file chapter 7 bankruptcy. I am about to receive inherited money in new few months. The problem is i owed more than I will receive. don’t know what to do. can someone help

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2 Lawyer Answers
W. J. Winterstein Jr.
W. J. Winterstein Jr.
  • Bankruptcy Lawyer
  • Boyertown, PA

A: As you may know, there is a provision in the Bankruptcy Code that would include assets you receive by inheritance within six months of your inheritance. In other words, kiss your inheritance goodbye.

You don't include any real facts, like, amouts of debt or probable amount of inheritance. There are numerous other factual specifics which can shape the best course for you to take.

Before you do anything, speak to an experienced bankruptcy lawyer authorized to practice in Nebraska, who will examine your specific financial circumstances and give you advice based upon those specifics. That will earn you the best result.

Julie Fowler and Timothy Denison agree with this answer

Julie Fowler
Julie Fowler
  • Omaha, NE
  • Licensed in Nebraska

A: I don't disagree with the other attorney. However, when you speak with a bankruptcy attorney, you may want to make sure they also handle estate planning matters. If not, you may also need to speak with an estate planning attorney as well. If it sounds like any inheritance you receive may just go to the creditors, then there may be a way to decline the inheritance so that the money instead goes to other family members. .

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