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Ask WALLSTREETESQ Your Own Question

WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15836
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Can creditors come after items that the person filing for bankruptcy

Resolved Question:

Can creditors come after items that the person filing for bankruptcy has not yet received from an inheritance?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

if the person files for bankruptcy, all creditor action stops,

WALLSTREETESQ :

if the debtor is going to receive an inheritance, the trustee of the court can take the inheritance to pay the debts.

WALLSTREETESQ :

If the bankruptcy is over, and 6-12 months have passed an inheritance would not be included in a bankruptcy, however creditors can go after the inheritance once it is given to the debtor.

Customer:

The main issue is the coop I am living in is still technically in the Estate and the Executor my sister did not transfer the shares of the coop to her yet. In an agreement we had which was upheld last May she should have transferred her shares to her sons which she has not yet. She has technically not inherited the shares because the coop did not approve the transfer yet.

WALLSTREETESQ :

the creditors cannot go after the coop yet, unless the transfer is approved,

WALLSTREETESQ :

however, the bankruptcy trustee could consider the coop as an asset and force the coop to transfer the property and then the court will sell it for the creditors.

Customer:

That is very scary. How can I stop this?

Customer:

I have an agreement for her to sell the shares

Customer:

I mean transfer the shares...

WALLSTREETESQ :

do not file bankruptcy until the shares of the coop are transferred,

WALLSTREETESQ :

creditors will have a hard time going after the property,

Customer:

She is the executor and she has not done this yet

WALLSTREETESQ :

you have to go to Probate court and force her to do this.

Customer:

I can become executor in a month after she is removed and do this

Customer:

Will they have a hard time going after the property even if the agreement was upheld in a NY court?

WALLSTREETESQ :

yes,

WALLSTREETESQ :

coop are shares of a corporation, and are difficult to have a lien placed on them,

Customer:

Ok but they could force a sale of a titled property right?

WALLSTREETESQ :

That is rare,

WALLSTREETESQ :

they are unsecured creditors, so a force sale of property is rare,

Customer:

Ok but just to be safe I should consult a NY atty about the coop to protect myself just in case

WALLSTREETESQ :

if they were a secured creditor such as a mortgage holder, they can force a sale.

WALLSTREETESQ :

You can do that, I am a NY attorney,

Customer:

Ok great. Are you in the city?

WALLSTREETESQ :

I will tell you that creditors have a hard time going after coop shares,

WALLSTREETESQ :

I cannot advise you legally, however, I will advise you to have the shares transferred ASAP, and consider selling the property or living their, and file bankruptcy and claim a homestead on the coop.

Customer:

Ok good. She has been diagnosed as bipolar so nothing she has done makes sense. It has been very difficult to have her removed since she threatened suicide etc.. I need a very proactive attorney to review the agreement and

WALLSTREETESQ :

You will need an Estate attorney to handle this matter,

Customer:

Ok. I will do that. Thank you.

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15836
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you

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