when is it REALLY over?

[wednesday]

We filed BK7 pro se under the old rules and had our 341 this week. Don't anticipate any problems before discharge in 60 days.

My question is, how long is the trustee entitled to seize any extra income we may receive? For example my husband is self-employed and sometimes he has one really great month followed by two terrible ones. If he got a lot of income in one month, say six months from now, could that mess up our case? For another example, my husband's grandmother is 93 and rather frail...I'm not sure how much longer she might live, but her estate is substantial. I would be surprised if we did not inherit some money when she passes. If it is within the next year, can the trustee take it?

Thanks!

[Minnymouth]

Oh believe me if the Trustee get wind of an inheritance he may go after it...... but if you are discharged and case is closed, judge may not agree with him..... he would have to petition the court to reopen your case.
Basically its over after discharge and case closed, but the Trustee can check back over the next year for big assets.
Some are exempt but I don't inheritances are...
Maybe somebody else knows here on the forum..

Minny

[wednesday]

So you're saying after a year then it is really REALLY over? No chance it can be re-opened?

[Minnymouth]

I understand very few if any cases are re-opened a year after the case is closed......
Its a year after your case is closed, not discharge.....
Chances - 1 in a million........
Minny

[bkfiler]

i agree with minny but it depends on who sent them information about your change in circustances.

for example, things not to do after your dishcarge:

- wear T-Shirts saying "I survived BK and lied through the whole thing!"

- race your boat around the harbor with the name "Trustee Doesn't Know" painted in bright red letters on it

- deposit the $80 grand into the local bank account and tell the teller you were hiding it while going through bankruptcy after she tells you "oh, i see that your credit card account with us was chap 7 discharged"

[wednesday]

I don't think it would be $80K...but it could be something like $10K.

Are you typically asked to inform the trustee if you receive money, or is it something they have to learn about on their own?

[wednesday]

I understand very few if any cases are re-opened a year after the case is closed......
Its a year after your case is closed, not discharge.....
Chances - 1 in a million........

What is the difference between "discharge" and "closed case"? I was assuming these meant the same thing.

[Minnymouth]

Nope -

Discharge - means you have been discharged from ever having to pay these debts in the future.

Closed case - Means the Trustee has closed your case records with the court

But he also has the power to re-open your case up to 1 year from the date of case closed.....

Case closed usually happens shortly after discharge - sometimes the next day.


Minny

[StaciMM]

Here's an idea for an entrepreneur... Sell t-shirts that say 'I'm smarter than the trustee' and sell them in the parking lot to people as they leave the BK court.

i agree with minny but it depends on who sent them information about your change in circustances.

for example, things not to do after your dishcarge:

- wear T-Shirts saying "I survived BK and lied through the whole thing!"

- race your boat around the harbor with the name "Trustee Doesn't Know" painted in bright red letters on it

- deposit the $80 grand into the local bank account and tell the teller you were hiding it while going through bankruptcy after she tells you "oh, i see that your credit card account with us was chap 7 discharged"

[Minnymouth]

StacciMM and bkfiler - if you only KNEW what I WOULD PUT ON A TEE SHIRT AND WEAR TO THE COURT HOUSE.......

In the future it will say 'GOTTCHA'..............to a few creditors of mine...........

Minny

[bkfiler]

minny lol i bet!

as for the selling of shirts outside the 341 meetings, thats too funny. however, i think that business would be better left to someone that isnt on this board if you know what i mean

[Minnymouth]

Cute idea though, huh.....

Minny

[FLGirl]

As I understood it, an inheritance received within 180 days of filing can be grabbed.

I have the same concern with my grandfather...but I highly doubt even if he died tonight (please no, I'm hoping he lives to be 100, he's 89, I don't care about the money) that his estate would be disbursed prior to 180 days from Oct 12 when I filed.

[Headshot]

i agree with minny but it depends on who sent them information about your change in circustances.

for example, things not to do after your dishcarge:

- wear T-Shirts saying "I survived BK and lied through the whole thing!"

- race your boat around the harbor with the name "Trustee Doesn't Know" painted in bright red letters on it

- deposit the $80 grand into the local bank account and tell the teller you were hiding it while going through bankruptcy after she tells you "oh, i see that your credit card account with us was chap 7 discharged"

Classic!!!! I like the boat name.

[wednesday]

As I understood it, an inheritance received within 180 days of filing can be grabbed.

I have the same concern with my grandfather...but I highly doubt even if he died tonight (please no, I'm hoping he lives to be 100, he's 89, I don't care about the money) that his estate would be disbursed prior to 180 days from Oct 12 when I filed.

Hi, I came back to this thread to post that I looked this up in our Nolo Guide to BK last night, and you are correct about the 180 days after filing. Any extra income received within 180 days must be reported to the trustee. However the wording concerned me a little. The book says:

You must report: an inheritance (property you receive or become entitled to receive because of someone's death).

I read that as saying, if your relative dies within 6 months, it doesn't matter if the funds aren't disbursed until later...you still have to inform the trustee you are expecting to receive an inheritance. Might be a question for an attorney, if the situation actually came up--what precisely does "entitled to receive" mean?