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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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ok, my father passed 170 days after my bankruptcy and left me a $25000

Customer Question

ok, my father passed 170 days after my bankruptcy and left me a $25000 cash gift as well as a part of his business I get in three years. My bankruptcy was only for $34000 because it was mainly done to get me more time in my foreclosure. My fathers trust does have a spendthrift clause and I amended the bankruptcy to cover $21000 by my exemptions, but they are reopening my bankruptcy and objecting to my exemptions. So in short. The trustee issued me a cashiers check for the $25000. Are there any penalties if i tell the court Trustee that the money is gone( i pent it) or will they just wait the three years until i get the rest. I will say that the money was give to me between the time I amended and when I received a copy of the objections. The objections were also sent regular mail. thet have no proof I even got the letter.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.
Hi JACustomer,
Sorry this took so long - your question was in the wrong section.
Why did the trustee issue you a cashier's check for $25,000?
Customer: replied 3 years ago.
The $25,000 was a cash gift and I am not sure how she was able to do it. I thought because of the spendthrift clause. The Trustee is my Step Mother and the check was issued to me in after we filed the new schedule B and C that exempted $21,700 of the gift and before I had received the letter of objection. I still have the check (not cashed). That is my main prrpose for this question. To see if there are repercussions for cashing the check or will they just wait the three years for rest of my inheritance. Let me know if you need any more info?
Expert:  cfortunato replied 3 years ago.

Last question - when was your Bankruptcy discharged?

Customer: replied 3 years ago.
Discharged on 1/25/2011. It was filed on Sept 22, 2010 and my father passed on March 9,2011. I was 10 days away from being clear.
Expert:  cfortunato replied 3 years ago.
There is a good possibility that you will be able to keep the money because of the "spendthrift clause". When you go to the hearing you should bring proof of the spendthrift clause to show the judge.
However, if it is determined that you cannot keep the money, and if you do not turn it over to the Bankruptcy court - for any reason - the trustee can revoke your discharge, and get a judgment for that amount. It is unlikely the trustee will be willing to wait 3 years.

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

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