Legal Question in Bankruptcy in Virginia
Inheritance after Filing
I filed for bankruptcy in November 2004 and had a Meeting of the Creditors in December 2004. A relative that passed away in September 2004 left an inheritance that I was unaware of being part of until just recently. I'd hate to see the inheritance taken from me, although I also don't want to be dishonest. What should I do? I do not know when I will receive the inheritance or how much I will be receiving. If I receive it after 180 days from the date of filing, will the trustee still take it from me? And although my next question sounds a bit sneaky, I have no intention of it to be such - How does the trustee know that I've received an inheritance without my previous disclosure of it? I appreciate your advice and thank you for your time.
2 Answers from Attorneys
Re: Inheritance after Filing
You must amend your schedules immediately and notify the trustee. The 180 day period is the date of death of the person from whom you inherit, not the dealine for receipt of the money. How does the trustee know? Perhaps he doesn't. But concealment is a crime. Perhaps someone turns you in. If you conceal it, you risk losing your discharge and going to jail. You need to consult with your bankruptcy lawyer immediately. If you don't have one, now is the time to get one.
Re: Inheritance after Filing
When it comes to inheritances after filing a bankruptcy, the court looks not at when you actually received the inheritance property, but when you had the right to receive the property. Since you had the right to receive the inheritance before your filing in November of 2004, you will need to notify the trustee of this fact.
You ask how the trustee could find out about the inheritance. Often a trustee could be notified of such a fact from either one of your creditors or even from one of your family members. It's best not to risk a federal investigation; notify the trustee as soon as possible yourself.
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