Legal Question in Bankruptcy in Ohio

Bankruptcy and Inheritance

We are about to file a Chapter 7 bankruptcy but my husbands mother just passed away and left him around $50000.00. It is not enough to pay the debts we owe and we would like to not loss the money in the bankruptcy. My husband has a retirement 401k and we were told by friends to roll the inheritance into the retirement plan and it would be safe. If this is true and the money will be safe, how long will we need to wait to file the bankruptcy after the roll over? We are also looking for a good bankruptcy attorney in our area. Thanks


Asked on 11/10/04, 6:46 am

1 Answer from Attorneys
Frank Rozanc Frank J. Rozanc, Esq.

Re: Bankruptcy and Inheritance

I would expect that you should wait at least a year after the rollover to file the Chapter 7. That way, any conceivable time period for avoiding preferential transfers will have already passed, as well as for the inheritance. Please let me know if I might help further.

Read more
Answered on 11/10/04, 12:33 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Ohio