I filed for a 1.86M chapter 7
bankruptcy in May of 2012 without the aid on an attorney.
In Jan of 2012 my father passed away. He had made a revocable trust in 2009 but my brother told me at the funeral he was the trustee
and upon our father’s death he was entitled to live in or rent
out the house indefinitely. The house is unencumbered and worth 500K to 700K.
During my 341 creditors meeting I explained to the trustee that my father had passed away and I had received approx. $500 in an inheritance. I explained there was a revocable trust that I was not named in and he requested to see the trust. I finally received it in the mail and it states that my brother is the trustee and he has 10 years to live in or rent out the home. After that he must sell it and I am to receive 50% of the proceeds after several set-asides are paid out.
I am assuming this inheritance goes to the bankruptcy court
? I have about 100K in IRS
debt and another 40K in state of Washington debt from my company that folded in March 2011.
Is there a way to keep some of this inheritance?
What should I do, my discharge is set for August 24th, 2012 and I haven’t sent the trustee the revocable trust documentation yet.
I also am paying for my 2009/2010/2011 business and personal taxes to get completed as a condition of discharge.