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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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in august last year we filed for bankruptcy .we thnought everything

Customer Question

in august last year we filed for bankruptcy .we thnought everything was goinging to husband wife .so when we went to the meeting trustee asked us about a inheritance we told her we had nothing coming .well it has comed to life to us that the kids are to get the stocks .i dont know how the stocks are written for this can we not just claim it and is there paper work that we need to do for it
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Inheritances are assets in a bankruptcy estate for 6 months after the case. You need to disclose this to the trustee by law. If the inheritance is by will, and it directs the assets to go to the kids directly then there is no issue. If it goes to you and then the kids, then it is an asset in the case. Talk to your bankruptcy attorney to review what needs to be disclosed to the trustee. Good luck.
Customer: replied 7 years ago.

i worder my question wron so please bear with my ,we filed for bankruptcy last august .my husband father passed away aug 14 ,we thought everything was going to his wife.well we have found out on the stocks she is to live on the dividens for the rest of her life .then the stocks are to go to his sons .when we went to the trustee meeting we told trustee we was not inheritaton anything .well after his wife passes away the 3 sons are to get the stocks we dont want to get into any trouble about the styocks

Expert:  Terry L. replied 7 years ago.
Ok, thank you for the clarification.
So, your husband has a future interest in 1/3 of the stocks. If the wife only gets the dividends (and cannot cash in the stock) then the stocks current value is what to look at, and 1/3 of that. You should tell the trustee about the future interest he has, provide a copy of the will, and a current statement showing the value of the stocks. This way you won't run into any issues with the trustee and the court for failure to disclose assets (a big no-no) If the case is closed, I suggest reopening it to list these on schedule B. The trustee will determine if there is anything of value to liquidate at this point. Talk to your lawyer to help draft the documents. Thanks and good luck.
Customer: replied 7 years ago.

i can not get hold of my attorney .gone on vacatiopn for 2 weeks.isnt there some paperwork to sign to not claim inheritance .this is my last question