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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My wife and I filed for bankruptcy in July .My Wifes mother

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My wife and I filed for bankruptcy in July .My Wifes mother passed away in August leaving her with more than enough inheritance to pay all the creditors. We told our attorney that we would like to file for dismissal and pay the creditors in full with interest on our own. He said to not go to our meeting with the trustee and he would reschedule it for 2 weeks later, and to not attend that meeting and trustee would probably file for a dismissal.We have not had a meeting with the trustee, he has not interviewed us. But our attorney, after talking to the trustee is insisting that we go to the rescedueled meeting. we are not comfortable with our attorney. he has scared the hell out of my wife with possible lawsuits if we don't go through with the bankruptcy.we want to pay the creditors in full and not have a bankruptcy on our record. What can we do???
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

As you may already know, since your wife became entitled to her inheritance within 180 days after your Bankruptcy was filed, that inheritance - or a portion of it - becomes part of the Bankruptcy estate. Bankruptcy Stat. 541(a)(5)(A).

There would be little to gain - relative to your credit reports - by having your case dismissed, as a Bankruptcy case remains on one's credit report for 10 years after the case is closed, whether or not the case is dismissed.

Lastly, a Bankruptcy court will usually not allow a voluntary dismissal when there are significant assets - such as your wife's inheritance - to gather and distribute to creditors.

 

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

 

 

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