Protecting Your Inheritance During Bankruptcy In Florida
If you are drowning in debt, bankruptcy may be the best option. What happens, though, if you suddenly come into a lot of money while you are in the middle of the bankruptcy process? Since hiding the money is not a viable option, it is best to consult with a bankruptcy lawyer who can try to help you keep as much of the money as possible.
At Blanton Law, P.A., we focus all of our resources on bankruptcy and other debt relief measures. As our client, you will receive personal attention, and we will formulate a plan that meets your needs.
Just like the process for exempting other assets, full disclosure with your bankruptcy lawyer is essential. It can mean the difference between being able to keep all or some of an asset and having your trustee seizing all of it.
Sarasota County Inheritance Protection Attorney
If you file for Chapter 7 bankruptcy protection and you are in line to receive an inheritance, if the decedent dies within 180 days of your filing, that money may be used to pay your creditors. This is also the rule for property settlements from a divorce.
Inheritance and other settlements received during the Chapter 13 process will become part of your bankruptcy. Sometimes your trustee will let you keep half of the amount, and other times we can protect the money from your trustee and the court. However, you cannot keep it a secret and then wait to seek help once the trustee has already found out about it. Full disclosure is always the best policy with anything related to bankruptcy.
An experienced and knowledgeable bankruptcy attorney can answer all of these questions. Contact our offices in Venice or Bradenton, Florida, at 941-584-4263 or 888-610-0968 to schedule a free consultation with a member of our team.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.