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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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i moved from alaska to washington state in December 2010 after

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i moved from alaska to washington state in December 2010 after I resigned from a federal job making $65,000 a year with a savings of about $12,000 which I spent half of that on a trip to the Philippines last month, been on unemployment of $370 a week ever since the first of the year missed about 5 weeks due to being out of the country last month I have $4,000 coming back from my taxes ($2,000 this week and another $2,000 in 8 weeks) and basicly nothing in my bank account. I rent a house from my folks at the rate of $400 a month and my elec/gas and water is $250 a mo. My 1 vehichle ...1998 minivan is worth about $2,500 (owe nothing on)and houshold goods r worth about $1,000 and i have ira's reg and roth that r worth about $30,000 and a thrift savings account (part of my FERS retirement from the government which is just like a 401k) worth about $50,000. I owe $9,000 to a visa account with a credit union that I have paid faithfullyuntil last month, $8,000 on a bofa personal visa... 6 mos. late on and a BofA business visa (sole proprietor) i owe $8,000 that i am about 6 mos late on and some misc doctor bills amounting to about $3,500 that I have not paid in a year, my house was repossessed in june of 2010 and then was sold by bank for $117,900 while I owed $135,000 on the 1st which i think was discharged and I also had a home equity line of credit of $25,000 on that house with same institution. what do I do? I may be getting an inheritance in the next year that I don't want to lose.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

Hi JACustomer,

1) How is it that you are getting unemployment if you resigned?

2) Are you asking if filing a Bankruptcy can protect your inheritance?

Customer: replied 3 years ago.
1. 1 of the reasons i gave for quitting was to check on my elderly father and mother 2 diferent housholds 500 miles apart they r 80 yrs old. and that i was stressed out over it because my father was threatening suicie.

2. yes i am. i assume it will affect my cha 7 if inheritance were to take place in the next 6 months (normal time period for a bankrupcy from beginning to end) but will cha 7 affect inheritance if inheratance takes place after cha 7 (6 months), also will i be under alska laws or washington and what do percentage will probably be ischarge due to my poor economic situation?
Expert:  cfortunato replied 3 years ago.

Did you live in Alaska for at least 2 years before you moved to Washington?

If not, where did you live in the 2 years before Washington?

Customer: replied 3 years ago.
yes i lived there for 3 1/2 years and was a resident there til 12/04/2010
Expert:  cfortunato replied 3 years ago.

1) If you file a Bankruptcy, you would file in Washington, but you would be using the Alaska exemptions. (You have to live in Washington for 2 years before you can use the Washington exemptions.)

Here are the Alaska exemptions:

http://www.thebankruptcysite.org/exemptions/alaska.html.

2) Your inheritance would be safe if the person from whom you will be inheriting does not die before 180 days after you file the Bankrutpcy. Bankrutpcy Stat. 541(a)(5)(A).

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 3 other Bankruptcy Law Specialists are ready to help you

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