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My wife and I are in month 38 of our Ch. 13. My mother, a…

My wife and I...

My wife and I are in month 38 of our Ch. 13. My mother, a new widow, would like to either gift us money or purchase some raw land for us in the amount of $42,000. Do I have to disclose this to my trustee?

Lawyer's Assistant: What state are you in? And are you working with a local attorney?

Yes. Arkansas. The attorney's assistant stated that the trustee would require liquidation of the property to pay unsecured debts, but I am not seeing any reference to that.

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

Nothing in civil court.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I know of.

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Answered in 13 minutes by:
4/12/2017
legalg
legalg, Attorney
Category: Bankruptcy Law
Satisfied Customers: 13,615
Experience: General Practitioner
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There are rules regarding whether the property is received before 180 days or after; if received prior to 180 days, the Schedules need to be amended (A if real property; B if cash or personal property; along with C if one is claiming it is exempt).

Code section 1007(h) addresses this, requiring that within 10 days of learning of after-acquired asset(s) that would be property of the estate under section 541(a)(5), the debtor must formally amend the schedules to include the asset. Section 541(a)(5) narrows this obligation to property the debtor acquired within 180 days of the date the case was filed, if acquired through inheritance, life insurance death benefit, or a divorce proceeding.

So in federal court districts where the plan is silent, the debtor has no duty to report an after-acquired asset received during a chapter 13 case. If the plan states the trustee must be informed, then there is such a duty.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.

legalg
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Category: Bankruptcy Law
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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