What if......??

[Freddy03]

I win the powerball tonight? Does the trustee get the whole jackpot or do I withdraw my BK and pay my creditors??

LOL Wishful thinking

[frogger]

You become an asset case and the trustee administers your bk estate and pays your creditors. The refund will be yours.

[Freddy03]

You become an asset case and the trustee administers your bk estate and pays your creditors. The refund will be yours.

Thanks! I think $220 Million would be enough...LOL

[Diesel73L]

Thanks! I think $220 Million would be enough...LOL

I was gonna say...unless you're GM or Chrysler I would think your winnings would be enough to pay off your creditors without you even noticing!

[Pandora]

I win the powerball tonight?

remember us little people LOL!

nice to dream isnt it? Speaking of that, watched this show the other night called "lotto changed my life" or something to that affect. Some of the people were saying it was a curse winning all that money. HA HA HA! I'll take that "curse" off your hands any day of the week and twice on Sunday!

So Freddy..if you happen to win... find it's a burden / curse... I'll PM you my address... :P

[Freddy03]

remember us little people LOL!

nice to dream isnt it? Speaking of that, watched this show the other night called "lotto changed my life" or something to that affect. Some of the people were saying it was a curse winning all that money. HA HA HA! I'll take that "curse" off your hands any day of the week and twice on Sunday!

So Freddy..if you happen to win... find it's a burden / curse... I'll PM you my address... :P

LOL I saw that show too!

Sure send me your address (when I win) I'll ship you a little something from my new house in Tahiti.. Oh I wish!

[AngelinaCatHub]

I win the powerball tonight? Does the trustee get the whole jackpot or do I withdraw my BK and pay my creditors??

LOL Wishful thinking

The FIRST thing you do is adopt me as your son. After all I'm only 30 years older than you but remember, we are dealing with the government, they'll never notice. Then take one on my government issued purple pills as a reward of collecting your prize. Trust me now, just trust me. (Have I ever lied to you before?.........and gotten caught?) 'Hub (and family)

[ValleYum]

I win the powerball tonight? Does the trustee get the whole jackpot or do I withdraw my BK and pay my creditors??

LOL Wishful thinking

Actually, wouldn't Freddy get to keep it since she purchased the ticket AFTER she filed her Chapter 7??

541(a)(5) does not mention lottery winnings.... If the ticket was purchased before filing bankruptcy, the bankruptcy estate gets the winnings; if the ticket was purchased after the client files bankruptcy, the client will at least have the funds to litigate the trustees attempt to seize the funds, but the client would win.

From: http://methnerlaw.com/2009/10/16/the...in-bankruptcy/

The poor poster here who won the Lottery back in January did have to pay her BK back - but she had filed a Chapter 13.

Good luck Freddy!!

[daylate]

I'm with ValleYum on this- I think Freddy gets to keep it if she bought the ticket after filing. Maybe its a by jurisdiction thing but since it isn't one of the three ( i think) post-filing exceptions specified in the law I've read that it is all the filers. Of course I've had some attorneys tell me differently.

[Diesel73L]

nice to dream isnt it? Speaking of that, watched this show the other night called "lotto changed my life" or something to that affect. Some of the people were saying it was a curse winning all that money. HA HA HA! I'll take that "curse" off your hands any day of the week and twice on Sunday!

The problem with the lottery is that it's most heavily marketed toward the elderly, the poor, and generally folks of a lower socio-economic background who are ill equipped to deal with such a windfall and/or are easily taken advantage of by other folks "coming out of the woodwork" ie: long lost relatives, so-called "friends in need," etc... Because these are the folks who play the most, they're also the folks who win the most. Not to say that all of them end up cursed, but you sure do hear about the horror stories. I remember one about a guy who had won many millions who ended up assaulted and robbed...because he was in a strip club parking lot with a briefcase containing over $100K and was counting his money at the time!!! Not exactly the best decision making in the world. Heck the first mistake people make is going on TV with that big goofy check-you're practically people to come after you right there? I'd take it anonymously and then IMMEDIATELY contact Berskshire Hathaway, Goldman Sachs, or some other large investment firm used to handling large fortunes and essentially hire them to manage it for me. When I was a kid some people down the street from me won the lottery-not one of the $300 million dollar multi-state deals, but the regular state lottery, I think it was something like $5 million. They still live down the street from my parents in the same house (it looks a lot nicer now) and the father still runs his contracting business, but he was able to go from just him, his truck, and some tools, to a full service remodeling outfit with a small crew, a couple of trucks, etc...it probably helped that the guy was a business owner from the get-go.

[drowning123]

remember us little people LOL!

nice to dream isnt it? Speaking of that, watched this show the other night called "lotto changed my life" or something to that affect. Some of the people were saying it was a curse winning all that money. HA HA HA! I'll take that "curse" off your hands any day of the week and twice on Sunday!

So Freddy..if you happen to win... find it's a burden / curse... I'll PM you my address... :P

OMG, Pandora! I was watching a marathon of that on Saturday. LOL! I went out and bought some tickets. Didn't win jack. LOL.

[malf1204]

I thought if you won the lottery after filing it was yours.

[ruttie]

I specifically asked my attorney that very question & they said that if it was after the filing that you get to keep it, but if you get an inheritance within 6 months after filing that it is subject to the bk

[AngelinaCat]

I specifically asked my attorney that very question & they said that if it was after the filing that you get to keep it, but if you get an inheritance within 6 months after filing that it is subject to the bk

And that just doesn't seem right, does it?

[DirkDiggler]

I actually was thinking about this today when I bought my lottery ticket LOL

Say you have filed, but not discharged yet, would it be better to voluntarily dismiss your case and negotiate with the creditors to have negative credit blemishes removed from your credit report upon them getting full payment but with possibly negotiated away interest and fees........or let your bankruptcy complete and keep all the $??

I guess with a windfall amount of $ such as the lottery, who cares about credit huh??