Inheritance and Bankruptcy Filings
When creating a last will and testament, individuals often consider the assets they are going to leave behind when they pass away. It is common practice for people to leave behind money, property, and possessions to their loved ones, including spouses, family members, and friends. It is usually the duty of the family to organize the person's burial, memorial service, and execute the will upon death. When the property and money are distributed, the deceased person's estate is finally considered to be executed.
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For most individuals, receiving inheritance is accompanied with a mixture of sorrow and appreciation for the generosity of their loved one. For people facing serious financial struggles, inheriting money may help them repay debts and regain good financial standing. Unfortunately, persons already in the process of bankruptcy may have less control over the use of inheritance than persons who have not yet filed for bankruptcy.
If an individual receives inheritance before filing for bankruptcy, he or she may find that their financial situation has improved so much that they no longer need to file. The person may be able to pay down debts to the point that their situation is much more manageable and they no longer need legal assistance. If the amount of the inheritance is not enough to help relieve the financial burdens they face, they still may be able to negotiate bankruptcy and keep some of the assets given to them.
If a person is already undergoing Chapter 7 or Chapter 13 bankruptcy, he or she may have to deal with inheritance in a different fashion. It is important to note that any changes in financial status should be reported in good faith during bankruptcy. This means that persons receiving property or money after a family member dies should not attempt to conceal the receipt of such benefits. Any attempt to hide assets during bankruptcy filings can be considered bankruptcy fraud.
If a person attempts to conceal property or money received through inheritance, their bankruptcy case may be completely rejected and creditors can once again pursue the payment of the debt in normal fashion. In addition, charges may be filed against the individual for fraud. It is important to realize the seriousness of reporting any changes during bankruptcy filings to avoid such severe consequences.
Assets received through inheritance may be liquidated in order to repay creditors. In addition, money given to an individual going through bankruptcy may be taken by the court to make payments on the debts owed. In any event, the property and funds may help pay down the debts owed and can make an impact on the individual's bankruptcy case.
If you have questions regarding inheritance and bankruptcy, visit the website of the Austin bankruptcy lawyers of Slater, Kennon & Jameson, LLP.
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