Inhertiance received while in Bankruptcy

If you receive any assets or monetary funds from an inheritance settlement then you must contact your attorney immediately. You can not sell or trade any assets inherited with out first notifying the Chapter 13 Trustee about the ownership of real or personal property.

If you receive a check for an inheritance then you can’t spend any of the funds until the trustee has decided you are entitle to them. Your attorney can review your bankruptcy plan to see if you have any exemption balance remaining. If so, then your attorney may file an amended property and exemptions schedules. The trustee will notify you in 7-10 day about how much, if any, of these inherited funds must be provided to the Chapter 13 Trustee.

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