One Response to “inheritance and will and personal bankruptcy”
Barton Goth, GCO Inc. Bankruptcy Trustees said...
Any inheritance during a bankruptcy is considered after acquired property and is paid directly to the trustee. This money will primarily be used to compensate your creditors for their losses. If it is a sizeable sum that is inherited the most your creditors would receive would be the total amount owing plus 5 percent interest. Your trustee fees also must be paid and then any remaining balance would be remitted to the bankrupt. By law any potential inheritances you must inform your trustee about so they can notify the required parties.
Any inheritance during a bankruptcy is considered after acquired property and is paid directly to the trustee. This money will primarily be used to compensate your creditors for their losses. If it is a sizeable sum that is inherited the most your creditors would receive would be the total amount owing plus 5 percent interest. Your trustee fees also must be paid and then any remaining balance would be remitted to the bankrupt. By law any potential inheritances you must inform your trustee about so they can notify the required parties.