As I was sitting in the basement waiting out a bad thunderstorm, a thought came to me. What would happen to our bankruptcy if our house and or our out-buildings blew away or were damanged in a storm? We all know that a windfall of money like an inheritence would go into the bankruptcy estate up to 180 days from the date of filing. At present we are discharged and closed and about 30 days from reaching the 180 day goal. Our acerage is paid for and was totally exempt here in Iowa.
What if a storm did $50,000 damage to home and outbuilding...would that money from our insurance go to the trustee? Would we be left with a house with no roof and no money for repairs? With the million or so people that file bankruptcy each year a situation like this would have had to come up somewhere. Any thoughts!
What if a storm did $50,000 damage to home and outbuilding...would that money from our insurance go to the trustee? Would we be left with a house with no roof and no money for repairs? With the million or so people that file bankruptcy each year a situation like this would have had to come up somewhere. Any thoughts!
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