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Inheritance

Will inheriting money need to be reported to the trustee while currently in a “proposal to creditors agreement”?

Any extra monies received, need to be reported?

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2 Responses to “Inheritance”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

If you inherit funds while bankrupt, you are required to surrender the funds to the trustee. If you inherit enough money to fully discharge all of your debt, the trustee would repay all of your debt, and then apply to annul your bankruptcy, so that on your credit report it would appear that you were never bankrupt. If the funds come in after one party is discharged they are protected, but must be disclosed on the Income and Expense statement to the trustee and will be used when determining the other parties surplus income.

Barton Goth, GCO Inc. Bankruptcy Trustees said...

If you have already filed a proposal with a trustee that has been accepted by the creditors and approved by the court, then there is no need for you to report this information. However, if the necessary approval hasn’t taken place you are obligated to inform you trustee and failure to do so would be fraudulent.