How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
14232603
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

Under a Chapter 13, is it necessary to disclose an inheritance

Customer Question

Under a Chapter 13, is it necessary to disclose an inheritance after 180 days of the confirmed plan
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

cfortunato :

Hi - my name is Chris and I'm a Bankruptcy attorney here to assist you.

cfortunato :

The 180-day exception applies to Chapter 7 Bankruptcies only.

cfortunato :

For a Chapter 13, any asset acquired after the case is filed becomes part of the Bankruptcy estate.

cfortunato :

That is, after the case is filed and before the case is closed.

JACUSTOMER-9j9ckel6- :

under a chapter 13 will i have to report my inheritance to the trustees though i have had a plan conformed for longer than 180 days?

cfortunato :

Yes - you do.

cfortunato :

It does not matter for a Chapter 13 that 180 days have passed - this would only matter for a Chapter 7.

JACUSTOMER-9j9ckel6- :

will they take all of it if above $20,000? can i say i must replace my fridge so i can but a new fridge with it?

JACUSTOMER-9j9ckel6- :

buy a fridge with it

JACUSTOMER-9j9ckel6- :

I mean anything i am in desperate need of

cfortunato :

Whether and how much you will be allowed to keep depends on a number of factors - the most important of which is probably whether there is an available exemption to apply to it.

cfortunato :

Do you have an available $20,000 exemption?