An Inheritance May Not Be Helpful When Filing for Bankruptcy

Receiving an inheritance may have a negative effect on your bankruptcy depending on the type of bankruptcy process you use.

2012-08-04

August 04, 2012 (Press-News.org) If you are having financial problems, finding out that you will be receiving an inheritance can be a welcome piece of news. However, if you are thinking about filing for bankruptcy around the time you receive this information, you may have to rethink your plans.

How an Inheritance Can Affect Bankruptcy

An inheritance can affect your bankruptcy depending upon what type of filing you use. If you file for Chapter 7 bankruptcy, which is designed to wipe out your debts, the trustee of your bankruptcy case may use your inheritance to pay your creditors if you receive the inheritance within 180 days of filing for bankruptcy. This may occur even if the estate where the inheritance comes from is not settled during that time.

If you file for Chapter 13 bankruptcy, an inheritance may have a different effect on your case. In a Chapter 13 bankruptcy, consumers are required to repay their creditors according to a plan that has been approved by the bankruptcy trustee. Even if you receive your inheritance more than 180 days after filing for bankruptcy, you may be required to use the inheritance to pay your creditors. In these cases, the trustee decides how much of your inheritance should be used to pay off your debts.

Receiving an Inheritance Before You File for Bankruptcy

If you receive an inheritance before filing for bankruptcy, the trustee will take into consideration how much you inherited and what you spent it on. If you spend the money on luxury items like cars or jewelry, the trustee may seize those assets to pay your creditors.

Do You Need Help?

If you need help determining whether you should file for bankruptcy, or what type of bankruptcy action may be most beneficial for your circumstances, contact an experienced bankruptcy lawyer who can advise you of your options.

Article provided by Marrs & Terry, PLLC
Visit us at www.marrsterry.net

ELSE PRESS RELEASES FROM THIS DATE:

Defamation and the Internet: a Thorn in the Side of Businesses

2012-08-04

The Internet is a wonderful research tool for finding reviews about businesses. For instance, a person looking for a new mechanic can research online to see what former customers have to say about the service they received. A growing number of websites cater specifically to people wanting to read and write reviews of businesses. Most businesses would love to receive only positive reviews, but a negative review is likely inevitable. Yet, businesses and business owners should not have to deal with one category of reviews: the patently false review. When untruthful reviews ...

Been In a Car Accident? Know the Essential Next Steps

2012-08-04

A car accident can be a traumatic event. Many motorists are unsure about what they need to do after being involved in a crash. However, a clear understanding of the right moves in the wake of an accident can save you a lot of trouble and protect your ability to recover compensation from an at-fault party. Call the Police, Gather Information, Watch What You Say At the most basic level, immediate medical emergencies need to be addressed first when there's an accident. If someone is seriously hurt, call an ambulance. Even if there are no apparent life threatening ...

Win Gold with Sky Poker This Summer!

2012-08-04

With the Summer Games upon us, many people are enjoying the sporting and competitive spirit that is sweeping the nation. Sky Poker also love competition, and have a series of promotions designed to up the stakes for all of their poker tournaments this summer! So if you didn't manage to get tickets to the cycling, swimming, or 100 meters final, cheer yourself up by playing poker online during happy hour! To help give players an additional boost on the Cash for Points ladder, Sky Poker run three separate happy hours every day of the week. They are between the hours ...

Seasonal, Local Pawpaw Spa Facial, Dishes, Cocktails Featured at Inn & Spa at Cedar Falls

2012-08-04

Available mid-September through mid October, the Inn & Spa at Cedar Falls in Ohio's spectacular Hocking Hills region will reprise its popular Pawpaw Spa Facial, along with a special pawpaw menu and pawpaw-infused cocktails. The offerings debuted to rave reviews in 2010 and are back again in 2012, being made available as soon as the local wild fruits become ripe and ready to pick. Inn & Spa at Cedar Falls Spa Director, Randall Wellman LMT, MS, studied the homegrown wild pawpaw and its innate ability to soften and moisturize the skin and provide a natural anti-wrinkle ...

Energetix Corporation Hires Dr. Iris Chen as Traditional Chinese Medicine Product Manager

2012-08-04

Energetix Corporation, a life sciences company, is pleased to announce the recent hire of Dr. Iris Chen, who will join the Energetix team as Traditional Chinese Medicine (TCM) Product Manager. Within this role, Dr. Chen will direct Energetix' TCM research and development as well as its TCM educational efforts. Dr. Chen comes to Energetix with 30 years of medical experience. After graduating top in her class at the Beijing University Medical School, Dr. Chen did her residency at the People's Hospital of Beijing University. Dr. Chen also earned a Ph.D. in Medical Sciences ...

Fleets Realizing Savings Through Logistics Consulting Services

2012-08-04

As supply chain costs continue to rise for line items like tires, vehicles, and labor, fleet owners are pressed daily to root out new hidden inefficiencies in every aspect of their businesses. Getting professional advice from a logistics consulting provider and implementing the recommendations can reduce fleet expenses by 10% to 25%, said David Beaudry, Director of Logistics Engineering and Consulting for AmeriQuest Transportation Services in a blog posting. "Logistics consulting was once a service available only to the largest fleets," Beaudry explained. "Now ...

Target for potent first-strike influenza drugs identified

2012-08-03

Scientists at St. Jude Children's Research Hospital have reported details of how certain drugs can precisely target and inhibit an enzyme essential for the influenza virus' replication. Since all strains of the virus require the same functioning enzyme, researchers believe their findings will yield drugs that can effectively treat new strains of the virus, which may be resistant to current antiviral treatments. When new strains of influenza emerge, it can take many months for a vaccine to be developed. Experts are concerned that the emergence of any highly virulent strains ...

New drug shows promise for kidney disease

2012-08-03

(Santa Barbara, Calif.) –– Scientists at UC Santa Barbara have demonstrated in the laboratory that a new drug is effective in treating a very common kidney disease –– although it will be a few years before it becomes available for clinical testing. The findings resulted from a collaboration between UCSB and a biotech firm based in Indiana. The study is published in this week's Journal of the American Society of Nephrology. Over 600,000 people in the U.S., and 12 million worldwide, are affected by the inherited kidney disease known as autosomal-dominant polycystic kidney ...

Dangerous experiment in fetal engineering

2012-08-03

CHICAGO --- A new paper just published in the Journal of Bioethical Inquiry uses extensive Freedom of Information Act findings to detail an extremely troubling off-label medical intervention employed in the U.S. on pregnant women to intentionally engineer the development of their fetuses for sex normalization purposes. The paper is authored by Alice Dreger, professor of clinical medical humanities and bioethics at Northwestern University Feinberg School of Medicine and is co-authored by Ellen Feder, associate professor of philosophy and religion at American University, ...

Bears, scavengers count on all-you-can-eat salmon buffet lasting for months

2012-08-03

Salmon conservation shouldn't narrowly focus on managing flows in streams and rivers or on preserving only places that currently have strong salmon runs. Instead, watersheds need a good mix of steep, cold-running streams and slower, meandering streams of warmer water to keep options open for salmon adapted to reproduce better in one setting than the other, new research shows. Preserving that sort of varied landscape serves not just salmon, it provides an all-summer buffet that brown bears, gulls and other animals need to sustain themselves the rest of the year. "In ...