How will an inheritance effect my bankruptcy?
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How will an inheritance effect my bankruptcy?
I am looking into filing a Chapter 7 bankruptcy. I read the information on how inheritance effects bankruptcy if you recieve it 6 months after you file. I however am concerned with money I received before filing bankruptcy. I recieved my fathers who passed away remaing arizona retirement. How would that factor into my bankruptcy?
Asked on June 25, 2012 under Bankruptcy Law, Arizona
Answers:
Anne Brady / Law Office of Anne Brady
Answered 11 years ago | Contributor
Any money you already inherited from your father is an asset like any other. If you have too much money or too much income, bankruptcy will not be an option. If not, that money will go toward paying your creditors.
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