Legal Question in Bankruptcy in Arizona

bankruptsy liability
As an heir in my grandfathers estate, am I liable for any jugements against his estate?There is a case pending arising from the sale of my grandfathers 1/3 share of a corporation that he sold his ownership in 6 months before he died. The company subsequently filed chapter 7 bankruptsy four years after my grandfathers death.
The bankruptsy trustee has filed suit to recover all payments made to my grandfather and his estate over the four years after his death claiming that the company was insolvent at the time of his death.
There were 4 years of monthly payments made on a 5 year note for the sale of his stock.
I have been listed as a defendent in this lawsuit along with 10 other heirs. I am currently on active duty USAF and was when he died. I only received a small inheritance but appear now to be liable for the full amount if this case is lost.
Am I liable? How far can the bankruptsy trustee reach to recover this money?

Asked on 4/02/09, 7:28 pm

Brian Blum Blum Law Office, PLC

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0 attorneys agreed

Re: bankruptsy liability

You can't be liable for more than you inherited. And even that is questionable.

Answered on 4/02/09, 7:32 pm

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