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Ask Terry L. Your Own Question
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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wife and I will be getting a divorce and with her accrued debt

Customer Question

wife and I will be getting a divorce and with her accrued debt of $50,000 and I give her $1,700 a month for the last 3years, on good faith we are close and on good terms, Because of this I havent paid my taxes we filled a married /filing seperate, so all that money is not tax deducatable, I now owe 7,000 back taxes, I have $18,000 in an account from my uncles death 2 years ago and it will not be released because the will read that my marrage needed to be resolved 1st, either stay married or get divorced. Now if we go to bankrupt I do not want that money to be taken how can I protect it ?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Inheritances are assets, subject to your available exemptions you use to protect it.

If the amount is not exempt, then the court can use it to pay your debts. Tax debts, less than 3 years old when you file are not dischargeable either in a chapter 7 case

You can use either Oregon http://www.thebankruptcysite.org/exemptions/oregon.html or the federal exemptions http://www.thebankruptcysite.org/exemptions/federal.html

You should meet with a local attorney to review your assets and see which exemption table would best suit the facts in your case.

Let me know if you have any further questions. Thanks
Terry L
Expert:  Terry L. replied 3 years ago.
Did you have any further questions?
Please let me know
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Thanks
Terry

Best of Luck
Expert:  Terry L. replied 3 years ago.
Did you have any further questions?
Please let me know
if not, please click accept to rate my answer.
Thanks
Terry

Best of Luck
Expert:  Terry L. replied 3 years ago.
Did you have any further questions?
Please let me know
if not, please click accept to rate my answer.
Thanks
Terry

Best of Luck