"windfall" question

[erinmi]

I am hoping someone here might be able to help me with this. I did talk to my lawyer's paralegal but I want to make sure we don't mess anything up

My husband's parents sold some jointly owned property with his dad's siblings (our names were NOT on the property at all). His parents have told us that they want to give us $10,000 from their proceeds but they do not want to mess up our bankruptcy proceedings. Right now they have it set aside for us in one of their accounts. We are past our 60 days but are still waiting for discharge and closing.

When we were at our 341, we knew this was a possibility but since our names were not on the property and it wasn't not a done deal, the attorney that was there representing us told us we did not need to say anything, even though the trustee asked if we knew of any inheritance of $10,000 or more we would be getting in the next year.

I thought there was a six month time frame in which you are supposed to report any "windfalls", however, the paralegal told me it should be okay for us to receive the money once our case is completely closed by the trustee.

do you have to notify only if you knew it was happening for sure? Is it six months from filing? from the 341? from discharge?

[keepmine]

You won't find the word windfall in the bk code. This money is a gift. It's not an inheritence, the rsult of property division from a divorce or, a settlement from a lawsuit. Those are the only 3 things the code specifies are part of the bk estate that must be reported within 180 days of filing.
Tell your parents thank you when you get the check post discharge. You don't need to report it to the trustee.

[Runnin on empty]

Tell your parents thank you when you get the check post discharge. You don't need to report it to the trustee.

Agreed.

If it were me, though, I'd still ask for it in cash. I'm a pessimist like that.

[Flamingo]

I am always overly cautious due to my many years of law firm work, details and what can happen when a deadline is missed or something not reported or divulged, as is what has occurred in your situation. Since your attorney's office is aware of the funds and you received advice from them, you are pretty safe at this point; however, do yourself a favor and wait until you get those discharge papers in hand.

[erinmi]

Thanks all! I figured the paralegal ought to know or would ask our lawyer if she wasn't sure.

Now just waiting on discharge and closing....

We are at about 70 days now past our 341, so I'm just holding tight :P

[epiphany]

IMO..it's not yours until it's in your hot little hands.

Say nothing. Wait for case "closed". Enjoy.

ep