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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12928
Experience:  B.A.; M.B.A.; J.D.
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Hi...My husband and I were disabled in a car accident in 1998.

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Hi...My husband and I were disabled in a car accident in 1998. Due to very high medical bills that are ongoing, we recently had to file for bankruptcy. We've lost all equity in our home ($70,0000 and have no savings at all. We live disability check to disability check. Our well is going dry and we need a new one as well as needing work done on our car to keep it going. Even with bankruptcy (filed in April, 2013-have not been released from our debts yet) we will still be struggling to hang on to our home...the loan is now under-water. I've been informed that I am named in my grandmother's trust that will be closing out "soon" (I have no idea when that is..I have not been contacted yet). My understanding is that this money (I have no idea how much it will be...the estimate is not over $10,000, if that). Would it be illegal, if the money becomes available before our bankruptcy (chapter 7)is completed if we asked that nothing be issued to us untl Janualy 2014. We so desperately need it for medical bills that are already accumulating again as well as getting the new well. It's our only source of water. I don't want to break the law....I just want to know if I have any legal options. Thank you.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Wendy-Mod replied 1 year ago.
Hello,

I'm Wendy, and I’m a moderator for this topic.

We have been working with the professionals to try to help you with your question. Sometimes it may take a bit of time to find the right fit.

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Customer: replied 1 year ago.


NONE of the attorneys can answer it? I'll find the answer one way or another so if you want to close it out, go ahead. I'm not trying to be ugly, but about 50% of questions I submit cannot be answered. Is there a program I can get in that is less than $15/mo. where I can get a certain amount of questions a month rather than as many as I want? Thank you.

Expert:  Wendy-Mod replied 1 year ago.
Hello,

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Sometimes, finding the right professional can take a little longer than expected and we thank you greatly for your understanding. We’ll be in touch again shortly.

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Expert:  Phillips Esq. replied 1 year ago.
Thank you for giving me the opportunity to assist you. Kindly use CONTINUE or REPLY button to ask for clarification or follow-up questions.



Hi...My husband and I were disabled in a car accident in 1998. Due to very high medical bills that are ongoing, we recently had to file for bankruptcy. We've lost all equity in our home ($70,0000 and have no savings at all. We live disability check to disability check. Our well is going dry and we need a new one as well as needing work done on our car to keep it going. Even with bankruptcy (filed in April, 2013-have not been released from our debts yet) we will still be struggling to hang on to our home...the loan is now under-water. I've been informed that I am named in my grandmother's trust that will be closing out "soon" (I have no idea when that is..I have not been contacted yet). My understanding is that this money (I have no idea how much it will be...the estimate is not over $10,000, if that). Would it be illegal, if the money becomes available before our bankruptcy (chapter 7)is completed if we asked that nothing be issued to us untl Janualy 2014. We so desperately need it for medical bills that are already accumulating again as well as getting the new well. It's our only source of water. I don't want to break the law....I just want to know if I have any legal options. Thank you.




Response: Unfortunately, yes it would become illegal if you ask this payment to be deferred because you would be concealing your asset from the bankruptcy Trustee. Bankruptcy fraud carries a sentence of up to five years in prison, or a fine of up to $250,000, or both. See 18 U.S.C. Sections 152 and 157.

http://www.law.cornell.edu/uscode/text/18/part-I/chapter-9

.


Kindly note that 11 U.S.C. Section 541(a)(5) defines property of the bankruptcy estate as (5) Any interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date- (A) by bequest, devise, or inheritance; (B) as a result of a property settlement agreement with the debtor's spouse, or of an interlocutory or final divorce decree; or (C) as a beneficiary of a life insurance policy or of a death benefit plan. However, if this interest becomes available180 days after the date you filed for bankruptcy case, you do not have to report it to the Chapter 7 Trustee because the interest is not an asset of the bankruptcy estate at that time.




http://doney.net/bkcode/11usc0541.htm


.

Customer: replied 1 year ago.


Thank you so much for the info. I want to explain how I was notified about this. My grandmother passed away 1 1/2 years ago. She left me a small inheritance that was given to me in January 2012. I have heard absolutely nothing from her trustee (?) regarding any further inheritance from her. My Mom (96 years old and forgetful) told me that she thought Grandma's Trust was to be closed out soon and she thought Imight have a small inheritance.This is the first I have heard that I may receive anything else. It it is true, I assume at some point the attorney for the trust will contact me...right? We filed for bankruptcy in April and at that time I had NO knowledge of any of this. So, to make sure I do the right thing, if I were to receive anything 180 days from April 25, 2013 I would then need to notify my attorney (?). but if the trust does not close out after until 180 days from April 25, 2013(if I should receive anything)we would be allowed to keep it. Thank you so much for your help.

Expert:  Phillips Esq. replied 1 year ago.

Thank you so much for the info. I want to explain how I was notified about this. My grandmother passed away 1 1/2 years ago. She left me a small inheritance that was given to me in January 2012. I have heard absolutely nothing from her trustee (?) regarding any further inheritance from her. My Mom (96 years old and forgetful) told me that she thought Grandma's Trust was to be closed out soon and she thought Imight have a small inheritance.This is the first I have heard that I may receive anything else. It it is true, I assume at some point the attorney for the trust will contact me...right?

Response 1: Right.

We filed for bankruptcy in April and at that time I had NO knowledge of any of this. So, to make sure I do the right thing, if I were to receive anything 180 days from April 25, 2013 I would then need to notify my attorney (?).


Response 2:
Yes, that is correct.


but if the trust does not close out after until 180 days from April 25, 2013(if I should receive anything)we would be allowed to keep it. Thank you so much for your help
.


Response 3: Yes, that is also correct.

Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12928
Experience: B.A.; M.B.A.; J.D.
Phillips Esq. and 2 other Bankruptcy Law Specialists are ready to help you

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