Legal Question in Wills and Trusts in Indiana

Re: Property ownership

Generally, while you are in a Chapter 13, your bankruptcy estate is comprised of not only the property you owned on the day you file, but also the property you acquire while in the Chapter 13. Generally, a debtor in a chapter 13 retains all of their property. The tradeoff is that you have to pay or contribute the value of the property to your unsecured creditors. So it is important to determine what the value of this new property is and how much you would have to pay your unsecured creditors. This doesn't mean that you will be forced to sell the land. If you can afford to keep it, then you can, as long as you pay the comparable value of this property to your creditors in your chapter 13 plan. Bottom line - you have to notify your Chapter 13 Trustee if you inherit this property - that is one of your duties under the bankruptcy code. I suggest you contact your chapter 13 attorney for further advice, this is something your attorney needs to handle.