Can a future inheritance effect a bankruptcy claim?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a future inheritance effect a bankruptcy claim?
I am considering filing bankruptcy. My mother passed away 2 years ago. and my eldest sister is the executive of the estate. There are no plans to sell the estate. Is this something that could impact my bankruptcy?
Asked on April 8, 2011 under Bankruptcy Law, Massachusetts
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If you claim bankruptcy now, and you have not received your inheritance and won't because the estate is actually a home or something so tangible it cannot be liquidated for cash without a lot of trouble, then it is really not yours yet. It is not an asset that appears to be something that a trustee can immediately latch onto and use in part to defer charge offs. This is of course all depends on the way the property is held, no matter if your sister is the executor of the estate or not and of course what type of bankruptcy you will file. If you are on the title for the home for example, you are still considered an owner and you should discuss this with your bankruptcy attorney about whether the court can consider this part of the bankruptcy or consider it as an asset or if you can claim a homestead exemption on it.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.