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Question regarding windfall after discharge but before close

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    #1

    Question regarding windfall after discharge but before close

    Has anyone had such an issue? I'm not sure if I'm very, very lucky or not. We were discharged in early October. We couldn't close because the trustee determined us an asset case and we're making $250 monthly payments to him for 1 year (long story, no worries). Obviously we can't close until he has collected our assets and dispersed them (a whopping $3,000 divided by $175K worth of claims...what a waste of time). Anyway, it looks like we've landed a bit of a windfall that isn't the result of an inheritance, insurance settlement or any of the mentioned exceptions. Do we have to report this to the trustee as we've already been discharged or is this ours to begin rebuilding our life with? Our trustee hasn't yet asked us to send him a copy of our 2007 taxes so I'm not thinking he will. That wasn't part of the stipulation agreement or anything.
    Any thoughts or first-hand knowledge from anyone?
    Thanks in advance.
    Sunny
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    #2
    What is the "windfall" exactly.

    The general rule is, anything you get after you "file" BK is yours. So, so long as this windfall is not the result of some event that happened before you filed BK and is not inheritance, or life insurance proceeds, it is yours.
    Last edited by HHM; 11-25-2007, 10:28 AM.

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      #3
      Thanks so much HHM. That's what I thought but I wanted to make sure. It is definitely the result of something that came after we filed and not the result of a lawsuit, settlement, insurance, or inheritance.
      I'm going to keep my fingers crossed.

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        #4
        sunnydaze, fess up. Did you win the Lotto????
        11/29/2007 - Filed Ch 7
        01/08/2008 - 341 Hearing
        03/12/2008 - Discharged
        03/21/2008 - Closed

        Comment

          #5
          Gonna tell you a quick story our Lawyer told us as we were busy signing papers...

          A few years back, a local guy own like $6mil in the state lotto. The papers tracked down the winner and he was bragging about how he had just filed bankruptcy a few months before winning and how none of the former creditors would have a chance to touch the money. He was really cocky in the interview. My lawyer was next door neighbors with a lawyer that was representing a local bank that was about to be discharged somewhere around $40k in debt from this guy. They had a conversation about how stupid the guy was to go 'tooting his horn' and how the lawyer was going to file a motion to dismiss. If he would've never done the big paper interview, the lawyers would've never found out he won...
          (X) - Filed Chap 7 - 11.14.2007
          (X) - Free and Clear - 2.22.2008
          PreBK Scores - 467/428/434 (11/22/2007)
          PostBK Scores - 571/604/583 (3/15/2008) - Rebuilding Begins!

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            #6
            Nope...didn't win the lottery but something better because it'll be taxed differently. Just don't want to jinx it until it happens. I wouldn't mind if it waited until after we closed but I don't think it'll take that long. I'll keep you all posted. Thanks for your stories and your replies. And you can be darn certain that I'm not going to tell anyone much less the media! I asked in this forum because of the anonymity...
            but trying to keep my cool

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