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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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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: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year 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.

Customer :

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.

Customer :

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?

Customer :

buy a fridge with it

Customer :

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?

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