If you have received an inheritance after you have filed for a bankruptcy in Texas, what happens next depends almost entirely on 2 factors – the timing of the bankruptcy and the type of the bankruptcy that you filed, either a Chapter 7 or Chapter 13. Whatever the circumstances, a bankruptcy attorney from a law firm in Dallas can help you handle the situation as smoothly and effectively as possible.
The relevant dates are the date you filed for bankruptcy and the date that your relative who left you an inheritance passed away. If that relative passes away within 180 days after you file for bankruptcy then it will be considered an asset of your estate and used to discharge your debts along with any other assets.
Because a Chapter 13 bankruptcy reorganizes your debt and requires that you repay all or a portion of it, your trustee can petition the court to include the inheritance in your bankruptcy estate even after the 180 day mark has passed.
Before you petition the courts for bankruptcy, speak with a bankruptcy attorney who can respond to your questions and concerns about the process and all potential ramifications. Let an attorney help you get back on track.
Contacting a Bankruptcy Attorney When You Need Help
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting ourDallas law firm. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.