Lottery winnings

[dneil]

Side Note: What the heck were you playing to win this amount???? Just curious!

[free2breathe]

What shall we do? We won the lottery should we tell the courts? please help with pros and cons of discharge or keep paying monthly payments? What are the BK rules for this.

First of all, not telling the courts would be totally fruitless. When you win the lottery, they publish that info (unless you've asked them not to). Winning the lottery is a big deal, and I'm sure even trustees are envious. Congrats on the win, and like everyone has said, seek the help of an accountant along with your bk attorney to determine how to make this a positive experience for you. Congrats! Nothing like a windfall to go along with your fresh start

[forgotten]

congrats! I knew a large winning ticket was sold in our great commonwealth.

Paying off the BK @ 100% would be the option I would take. It requires very little effort, you don't have to deal with any creditors, and you won't have to worry about extra taxes on the settlements. Write one check, wait for your case to be discharged, and you are done.

[HHM]

Side Note: What the heck were you playing to win this amount???? Just curious!

This sounds like a Mega-Millions play...

[Flamingo]

Oh I see now, sorry, didnt exactly understand what you were saying, but now i do since i talked to the paralegal. I will take a few days and ponder over all of this to see which would be the best for me and my family. I will keep you all posted! Thanks again for you all's help.

Since you hit the lottery for a substantial amount, the best thing anyone can do is obtain a financial advisor to go over your situation (of course your BK will have to be taken care of first) but you will still have a considerable amount of money left to deal with. Get professional advice and be careful as scam artists abound when it comes to anyone hitting the lottery. Best of luck to you.

[Freddy03]

Congrats on the win!!


PS: I think we are long lost cousins......LoL Kidding! Be careful you will have all kinds of people coming out of the woodworks looking for you to share your winnings.

[ValleYum]

Since you hit the lottery for a substantial amount, the best thing anyone can do is obtain a financial advisor to go over your situation (of course your BK will have to be taken care of first) but you will still have a considerable amount of money left to deal with. Get professional advice and be careful as scam artists abound when it comes to anyone hitting the lottery. Best of luck to you.

As Flamingo said and I highlighted, getting professional financial help is so important. Tax ramifications, BK ramifications - a good financial advisor will be worth it!

Best wishes for a happy future!! Congratulations!

[Pandora]

Adding to the congratulatory sentiments Good luck to you and make sure to save for that rainy day years down the road!

[SunshineGal]

First of all, not telling the courts would be totally fruitless. When you win the lottery, they publish that info (unless you've asked them not to).

This sounds like a Mega-Millions play...

Yep, and there is a small lesson here, be careful posting personal information on a message board.

[forgotten]

This sounds like a Mega-Millions play...

haha. I think this is the first time a big "lottery winner" wasn't just a troll or asking a hypothetical question. Its a real person with a real CH13 case and lottery winning!

[catleg]

Congrats on winning the lottery.
Just thinking out loud here, I wonder how taking it as an annuity vs a lump sum would affect a chapter 13 plan?
I really have no idea.