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Inheritance from three months ago

I inhereted $5,000 three months ago and gave it to my daugther for her wedding. Most of that money is gone. If I claim bankruptcy, will I have to pay that $5,000 to the trustee? Thanks so much.

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One Response to “Inheritance from three months ago”

A licensed trustee said...

Based on the information you have provided there is a very good chance you will be required to pay an additional $5,000 into your bankruptcy to cover the money that you gave to your daughter 3 months ago.

As kind as that gesture was, if you were already indebted to the point where you were having problems paying your bills then some, if not all of that money, should have been used to reduce your debt.

This won’t sound fair, but if the people you work for suddenly decided that instead of paying you they were going to give the money to anotehr company to buy a new machine I expect you’d be annoyed. Try to look at what you did in the same kind of light.

That’s why you will likely be required to pay an equivalent sum into your bankruptcy.