Last Day For Objections has come and gone, question about what must be reported...

[FiledinMarch]

I know there is a specific list of things that must be reported to the trustee within 6 months of discharge, but I have used the search function and not had any luck finding it.. Can someone help?

Thanks!!

[FreshLikeADaisy]

I believe (and someone correct me if I'm wrong) that that applies to "windfall" income: if you win the lottery, if you recover money in a lawsuit, if you inherit anything. Maybe your tax return, if your trustee has already informed you he wants it. That sort of thing. I do not know of any *routine* reports that must be made to a trustee in a Ch7 within 6 mos of discharge.

[lrprn]

I believe (and someone correct me if I'm wrong) that that applies to "windfall" income: if you win the lottery, if you recover money in a lawsuit, if you inherit anything. Maybe your tax return, if your trustee has already informed you he wants it. That sort of thing. I do not know of any *routine* reports that must be made to a trustee in a Ch7 within 6 mos of discharge.

Actually Daisy, this is not quite right.

The three things that by law MUST be surrendered to the trustee if they occur within 180 days after filing Ch 7 are:
1. Property you inherit during the 180 days.
2. Property (not alimony) from a property settlement or a divorce decree that goes into effect during the 180 days.
3. Death benefits or life insurance policy proceeds that are awarded to you during the 180 days. (see http://books.google.com/books?id=f18...GnK75UjzkEQ7Ts)

Notice that winning the lottery is not on the list . However, if your trustee knows you won a large sum of money, he can convert your case to an asset case and go after it. But that's not the same as what must be reported under the 180 day rule.

[CATCHMEIFYOUCAN]

Hmmm, even after your case is officially CLOSED and they see an advertisement that so and so won the MEGA MILLIONS, can they re-open the case and go after the money? Highly unlikely I would, but you never know!

I'm finally getting a nice tax return back after paying the feds over a thousand and some for the past 10 years. I did something different and overpaid taxes through my gambling wins.
I decided to up my 401k plan 10% as I look back and see how much money I blow at the casino I might as well put a good chunk to the plan. As I just don't know what to do with my money besides gamble.

[FreshLikeADaisy]

Thanks for the correction, lrprn!

[DontBother]

Notice that winning the lottery is not on the list . However, if your trustee knows you won a large sum of money, he can convert your case to an asset case and go after it. But that's not the same as what must be reported under the 180 day rule.

Not that this would ever happen... But how could the trustee go after you for lottery winnings that you win AFTER your petition date?? I thought that future income was not an asset of the BK estate (except for the 3 items you mentioned).

[lrprn]

Not that this would ever happen... But how could the trustee go after you for lottery winnings that you win AFTER your petition date?? I thought that future income was not an asset of the BK estate (except for the 3 items you mentioned).

Check out this NY case where a debtor filed Ch 7 and then won a $149 million lottery - http://www.thesmokinggun.com/archive/0120051lotto1.html

[epiphany]

Check out this NY case where a debtor filed Ch 7 and then won a $149 million lottery -]

Wow, if I win that much money right after my BK goes through, I will call them myself and volunteer to pay my debts!

EP

[Cassiopeia]

Wow, if I win that much money right after my BK goes through, I will call them myself and volunteer to pay my debts!

EP

LOL! I was just about to post that I would have done the same thing!