Inheritance, second auto, and good low cost attorney in Minnesota

[mnstar]

Hi, new here. I did some searching for the answers to my questions, but did not find. Sorry if this has been answered before. I live in Minnesota.

I inherited about $8000 in August of this year. We plan to file in early 2011 after filing taxes. Is the inheritance going to affect our bankruptcy? It is gone, spent on living expenses. My wife and I together currently make about $36,000 annually, down from over $100,000. I now work part time and attend graduate school.

Are the exemptions everyone talked about per person when husband and wife file for chapter 7? We each have a car necessary to get to work and the exemptions list one car.

Also, a recommendation for a low cost bankruptcy attorney in the Minneapolis metro area would be appreciated.

TIA

[SunshineGal]

Hi Mnstar,

You want to set up a few free consults with local attorneys, they should be able to give you more insight regarding the inheritance. As for the exemptions, yes, if both spouses file than the exemptions are doubled.

SG

[AngelinaCat]

Here is a link to a site containing an article about Minnesota's exemptions under State Statutes and the Federal Exemptions:

http://www.mn-bankruptcy.com/exemptions.html

As SunshineGal suggested, you will need to schedule several free consultations and discuss some of your concerns with the prospective attorney. You will most likely be advised to wait to file until at least March 2011, so that the inheritance 'falls off the radar'. The usual look-back period is 6 months, and you want the inheritance outside that window, though the article suggests that a trustee, with good reason, can look back the ten years prior to the filing date. But that is rare.

If anyone does have a specific attorney or law firm to recommend, please do so via PM, as we are not allowed to name attorneys and law firms on the public side. Thanks