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 cortrightlaw Your Own Question
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
Type Your Bankruptcy Law Question Here...
cortrightlaw is online now
A new question is answered every 9 seconds

I just acquired a property from a Family Trust. Can the bankruptcy

This answer was rated:

I just acquired a property from a Family Trust. Can the bankruptcy court take some of this inheritance to pay off debtors?

My father died 4/16/2010. My stepmother died 6/11/2011. I filed for bankruptcy on 8/30/2010. The property was deeded in the name of the Trust as long as his wife was alive. The Trust gave specific instructions about who gets what property and it was irrevocable after my dad died.

cortrightlaw : Are you in a chapter 13, and of so long how long have you been on it.

No, this is Chapter 7. I filed in August 2010 and got my discharge last June.

cortrightlaw : Under a chapter 7 bankruptcy you only have to disclose after acquired property for 180 days from the date you filed your petition. Since you are past that date you do not need to worry or disclose the property.

What about the part of the law that refers to the date when I was "entitled to acquire" to property? Was that only after my stepmom died?

cortrightlaw : The property would be considered yours on the date she passed away, so that would need to be 180 days from the date you filed.
cortrightlaw and 2 other Bankruptcy Law Specialists are ready to help you