take away inherited money

Date: Tue, 12/14/2010 - 03:12

Submitted by anonymous
on Tue, 12/14/2010 - 03:12

Posts: 202330 Credits: [Donate]

Total Replies: 3

My mother expired in January 2010. I and my sister inherited our family house from my father. We have sold the house in July 2010 and have already received the payments. I am thinking to file bankruptcy next month. My question is, can the creditors/banks take away the money I have received?

You are not bankrupt if you have money in the bank. It is possi

You are not bankrupt if you have money in the bank. It is possible that the trustee will want those funds to pay creditors.

You should really be talking to an attorney.

lrhall41

Submitted by SOAPLADY on Tue, 12/14/2010 - 03:31

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Hi! Welcome to the forums! Yes, under the bankruptcy code, the U

Hi!
Welcome to the forums!
Yes, under the bankruptcy code, the US trustee can take away the money you have received from selling the house. If you have inherited any other property or asset from your father, the US trustee can even sell it to pay off his debts. Contact a bankruptcy attorney as soon as possible

lrhall41

Submitted by Good Nelly on Tue, 12/14/2010 - 22:26

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SoapLady is absolutely correct. You will have to list your asset

SoapLady is absolutely correct. You will have to list your assets while you file bankruptcy. Thus, you'll have to mention that you had inherited the house and sold it off. The trustee will ask you to give away that money so that he can pay off your creditors. If you don't disclose the fact that you inherited the house and sold it off, then it will be considered as fraudulent and the bankruptcy court can dismiss your case. Thus, as SoapLady has suggested, get in touch with a bankruptcy attorney immediately and then take the decision whether or not to file it now.

lrhall41

Submitted by Anna Sweeting on Tue, 12/14/2010 - 22:46

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