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How does filing bankruptcy affect your inheritance?

Answer:

In any chapter of Bankruptcy, you have to list with the courts any assets or incomes, before and during the bankruptcy. So, if you are scheduled to receive any type of inheritance during the bankruptcy, you have to inform them of this asset. I know with Chapter 7, you are allowed a level of value for a home and also income. Over and above those levels, the court might take these assets, which might just be your inheritance monies. And with Chapter 11, your income and assets come into play upon paying back your creditors. So, I would definatly think they would take into consideration these new monies you would receive through your inheritance.

First answer by Grandview Investigatio. Last edit by Grandview Investigatio. Contributor trust: 4 [recommend contributor ]. Question popularity: 4 [recommend question].

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