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Mark
Mark, Attorney
Category: Bankruptcy Law
Satisfied Customers: 541
Experience:  14 years, real estate, tax, bankruptcy, debt resolution, and criminal law
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I need a bankruptcy atty. I am in the middle of a Chapter

Customer Question

I need a bankruptcy atty. I am in the middle of a Chapter 11. A relative died last week and I am going to inherit $ 75,0000. I owe $ 300,000 on a house that is work $ 150,000. I owe $ 140,000 on another house that is worth $ 90,000 And I owe $ 30,000 in unpaid taxes.I am assuming that the mortgages are secured claims correct the tax is priority, so the $ 75,000 will be used to pay off the mortgages first and since I am under water on the mortgages the taxes will not get any of the inheritance. I NEED A BANKRUPTCY ATTORNEY. I WILL NOT PAY ANYONE WHO IS NOT A BANKRUPTCY ATTORNEY>
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Mark replied 1 year ago.

It might end up being part of the bankruptcy estate:

http://www.thebankruptcysite.org/resources/bankruptcy/bankruptcy-planning/what-happens-if-you-receive-inheritance-during-a-bankr

Expert:  Mark replied 1 year ago.

Here is some more info:

http://coxlawgroup.com/inheritances-received-during-bankruptcy/

What state are you in?

Expert:  Mark replied 1 year ago.

http://www.thebankruptcysite.org/resources/bankruptcy/bankruptcy-planning/what-happens-if-you-receive-inheritance-during-a-bankr

Expert:  Mark replied 1 year ago.

http://www.gabankruptcylawyersnetwork.com/2014/03/can-the-trustee-take-your-inheritance/

Expert:  Mark replied 1 year ago.

https://www.avvo.com/legal-answers/i-filed-for-chapter-11-bankruptcy-in-january-2011--1112657.html

Customer: replied 1 year ago.
Might go into the estate ? What happens if it goes into the estate? It pays secured debt first and if anything is left over it goes to preferred debt ?
Expert:  Mark replied 1 year ago.

Do you have a plan? Is that what it says? Why are you in chapter 11? Is it your business?

Expert:  Mark replied 1 year ago.

http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics

Expert:  Mark replied 1 year ago.

Do you have an attorney? You should be asking your attorney about this?

Expert:  Mark replied 1 year ago.

Here is some more info:

https://www.avvo.com/legal-guides/ugc/bankruptcy-and-your-inheritance

If you are in a Chapter 13, or perhaps an 11, the situation is different because in those proceedings you enter into a court approved agreement with your creditors – the Plan. In return for you being able to pay your creditors over the length of the Plan so your estate is not liquidated, you agree that your future income and other money you receive during the Plan period may be used to satisfy your obligation to your creditors. Any money you have a right to receive during the Plan period needs to be reported to the trustee. Depending on the amount and nature of the inheritance, and the terms of your Plan, the trustee may require that you devote all or a portion of the funds or property to the Plan.

Customer: replied 1 year ago.
My questions is IF the money is put into my estate how will it be allocated? All to secured creditors until it's used up? THEN to priority creditors ? What if there is a dispute on the value of the property ?
Expert:  Mark replied 1 year ago.

It depends upon your plan and the trustee.