Inheritance & Chapter 7

[BKINTEXAS]

Newbie here! Thank you to all who have gone before me in Chapter 7. I've searched the boards for my question, but haven't seen what I'm looking for so I'm posting.

My husby & I filed Chap. 7 on 1/14/09 - 341 on 2/9/09. We are pro se and I even received a call from our state capital BK office with a compliment on my forms filed. They gave me an A+. Wish that totally settled my nerves - not.

Here's the question - I am the beneficiary to an inheritance contingent on the sale of a home which is in probate. I have included it on my BK forms, however left the amount 0 as I do not know what the amount will be. It could be as much as my debts which I filed for.

The home in probate now has an offer, has been in escrow for 2 weeks with a request for a 30 day escrow. The paperwork I have received states the sale will go through on 2/18/09 if I do not have any objections.

This means that I will most likely receive the $$ within the 180 day period.

Has anyone ever been in the situation where the trustee has not seized an inheritance within the 180 day period?

I am pondering whether to object to the sale of the home to delay receiving the $$$.

I am in Texas.

Thank you for any input

[StartingOver08]

No. As a matter of fact, inheritance is one of the items that the Trustee SPECIFICALLY mentions as an item that belongs to the BK estate up to and thru 180 days after discharge.

I forgot to say that at the 341 I had to sign an affidavit stating that I did not expect any inheritance in the next 6 months and submit it to the panel Trustee.

[ansky0007]

Yes, You cant escape with it. Sorry, I know its not what you want to hear. They will definately follow up on it and even if it did not sell now and sold after your BK was discharged they could re-open it and take the funds.

[AngelinaCat]

Yes, we were asked at our 341 if we expected an inheritance of any kind within the next six months. Sorry

[BKINTEXAS]

Do the trustees take anything into consideration? For instance, hubby is 70+ and on unemployment which will end in Feb (possibly an extension).

How about throwing ourselves on the mercy of the court????

[PoorGrammyinBK7]

FYI - I have never seen a court yet that had "mercy". They are impersonal, non-feeling, just business. I feel for you. It seems incredibly unfair.

[jribe]

Do the trustees take anything into consideration? For instance, hubby is 70+ and on unemployment which will end in Feb (possibly an extension).

How about throwing ourselves on the mercy of the court????

sorry, but they don't care about any of that. They are looking for assets to pay your creditors. They also get a cut ( i believe 10%) for any amount they collect. So let's say your inheritance is 100,000- they'll get 10k of that. Not likely that they would just "walk away". And i am sure they could also find out if you delayed the sale of the home. May get you into trouble. Look at it this way- you are able to start fresh, without all your debt. It's a nice start- even without the inheritance.

[StartingOver08]

You can bet that the Trustee will be looking at that home sale even though you listed it as zero. The Trustee's have a VESTED interested in getting all the $$$ they can for the creditors. They even have seminars and conferences to learn how to uncover hidden assets and how to get more money out of debtors! (Google is your friend!)