? on Trust fund and IRA inheritiance after 341 meeting
HELP! My husband and I are not sure who to ask and what to ask in this situation. We filed BK in January. The 341 meeting was held mid March. We were not expecting an inheritance at that time and answered such. His mother passed away 2 weeks after the meeting. We found out this week that he was in line to inherit a total of about $325,000 from his mother. These funds are coming from trust funds and IRA's. Apparently, from what his sister(the executor) has said, these funds are outside of the estate and he will be getting this money within 2 months. Is there any way to delay receiving these funds if they were payable upon death? How or who should we talk to about delaying this if that is possible. By the way, our house was part of the bankruptcy and we have signed a waiver of release already. Is it possible they could take the money AND we lose the house too even if his inheritance pays it all off?
Such a stressful time and we are not getting helpful answers from our bankruptcy attorney or from his family. We just want to know what to expect and how to deal with what will happen. We don't object to paying our creditors off if he will have to lose the inheritance (which is about enough to pay off the house and creditors) BUT, if we have to lose it all, we want to know if it is too late to make a deal with the loan service provider(s) as it was an 80/20 loan. In other words, if he has to lose the entire inheritance and pay off everyone, how can we keep the house even though it is part of our bankruptcy.
First question, though.......is there a way to delay him receiving this money if it is outside of the estate and payable upon death?
Thanks,
kah
Such a stressful time and we are not getting helpful answers from our bankruptcy attorney or from his family. We just want to know what to expect and how to deal with what will happen. We don't object to paying our creditors off if he will have to lose the inheritance (which is about enough to pay off the house and creditors) BUT, if we have to lose it all, we want to know if it is too late to make a deal with the loan service provider(s) as it was an 80/20 loan. In other words, if he has to lose the entire inheritance and pay off everyone, how can we keep the house even though it is part of our bankruptcy.
First question, though.......is there a way to delay him receiving this money if it is outside of the estate and payable upon death?
Thanks,
kah
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