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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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We had our meeting with the trustee and were discharged in

Resolved Question:

We had our meeting with the trustee and were discharged in a chapter 7 hearing in late July of 2010. We received life insurance proceeds from my wife's father's death in October. We submitted copies to our lawyer and are still waiting for an answer as to whether or not the creditors want any of the proceeds through the trustee. It is now early March. We are now well past the 180 day disclosure period. There has been no response. Isn't there a reasonable time period in which the creditors (and/or trustee) responds?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

My condolences

if you became entitled to receive the inheritance within 180 days of filing bankruptcy, there is no doubt that the trustee will take the inheritance for the benefit of creditors.

You may be able to avoid the funds being paid to the bankruptcy estate through the use of the "disclaimer/renunciation". The disclaimer/renunciation would have the effect of distributing the estate or insurance proceeds as if you had predeceased the decedent.
You will need to have local counsel or CPA prepare the forms for you.
Customer: replied 5 years ago.
Isn't there a time limit in which the trustee/creditors respond?
Expert:  Ellen replied 5 years ago.
no there is not
Ellen and 2 other Bankruptcy Law Specialists are ready to help you

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