Topic: Simi Leagle question (Read 3395 times)

Khalee · « **on:** February 09, 2004, 06:28:55 pm »

Are inheritances protected if one declares Bankruptcy?.

Elvis · « **Reply #1 on:** February 09, 2004, 06:34:38 pm »

IT depends what one means by inheritances? if you stand to inherit in the future it is not an asset and wouldn't be part of the bankruptcy.

Khalee · « **Reply #2 on:** February 09, 2004, 07:01:23 pm »

Well I got the house after My father died still paying on the mortage but since I lost my job last sept Im getting threatend with forcloser, Because of other factors (They are not the only ones screaming for money) Im pretty much going bankrupt.

I have enough left to pay either My bills or My mothers bills not both, and My brother is being too cheap to help me in paying on moms bills which would help me a lot.

So im just wondering would I be able to keep the house If a deside to file for bankruptcy.

Elvis · « **Reply #3 on:** February 09, 2004, 10:38:51 pm »

There are a couple different kinds of personal bankruptcy. I'm no good remembering which numbers are what but the difference is between reorganization and liquidation. Even under the liquidation plan in most cases you can keep your house.

JMM · « **Reply #4 on:** February 10, 2004, 07:11:55 am »

K, ask Jinn, I'm sure he will help. I been there and done that brother, and they cannot touch homestead or your car, but I will warn you, your credit is SCREWED for about ten yrs.

My bankruptcy was worth it, I had no assets, just debts, like 30k? I know it hurts the banks and stuff, but it gave me a fresh start in life. You cannot imagine the burden I felt for many years before I declared.

BTW, if you keep getting calls from collectors, it's called harrassment and is against the law.

If I understand correctly, and Seth would probably know, your inheritence, if not available right now, is NOT an asset. Like I said, Jinn will know as well.

Take care K.

Scott Allen Abfalter · « **Reply #5 on:** February 10, 2004, 07:42:50 am »

I would call a lawyer on this. Be safe.

RogueJedi_XC · « **Reply #6 on:** February 10, 2004, 02:28:59 pm »

Where are you located, Khalee, because that is going to depend greatly on what state you are in. In Texas creditors cannot touch your home, must leave you with at least one operable automobile, cannot garnish wages, and if they fail to show at a bankruptcy hearing they forfiet any money you own them (I think I'm right about this, my memory of my mother's bankruptcy a few years ago is dim) .

Bankruptcies in Texas are generally lower than in other states that let creditors get away with murder, but if you have to do it it's worth it in the long run.

Khalee · « **Reply #7 on:** February 10, 2004, 02:34:03 pm »

I live in Kansas, but Im going to try one more time to patch things with my brother, if he would just help with moms bills it would help me out greatly, but he seems to think paying for dads funeral is enough, even tho I offerd to help pay on half the cost.

Khalee · « **Reply #8 on:** February 09, 2004, 06:28:55 pm »

Are inheritances protected if one declares Bankruptcy?.

Elvis · « **Reply #9 on:** February 09, 2004, 06:34:38 pm »

IT depends what one means by inheritances? if you stand to inherit in the future it is not an asset and wouldn't be part of the bankruptcy.

Khalee · « **Reply #10 on:** February 09, 2004, 07:01:23 pm »

Well I got the house after My father died still paying on the mortage but since I lost my job last sept Im getting threatend with forcloser, Because of other factors (They are not the only ones screaming for money) Im pretty much going bankrupt.

I have enough left to pay either My bills or My mothers bills not both, and My brother is being too cheap to help me in paying on moms bills which would help me a lot.

So im just wondering would I be able to keep the house If a deside to file for bankruptcy.

Elvis · « **Reply #11 on:** February 09, 2004, 10:38:51 pm »

There are a couple different kinds of personal bankruptcy. I'm no good remembering which numbers are what but the difference is between reorganization and liquidation. Even under the liquidation plan in most cases you can keep your house.

JMM · « **Reply #12 on:** February 10, 2004, 07:11:55 am »

K, ask Jinn, I'm sure he will help. I been there and done that brother, and they cannot touch homestead or your car, but I will warn you, your credit is SCREWED for about ten yrs.

My bankruptcy was worth it, I had no assets, just debts, like 30k? I know it hurts the banks and stuff, but it gave me a fresh start in life. You cannot imagine the burden I felt for many years before I declared.

BTW, if you keep getting calls from collectors, it's called harrassment and is against the law.

If I understand correctly, and Seth would probably know, your inheritence, if not available right now, is NOT an asset. Like I said, Jinn will know as well.

Take care K.

Scott Allen Abfalter · « **Reply #13 on:** February 10, 2004, 07:42:50 am »

I would call a lawyer on this. Be safe.

RogueJedi_XC · « **Reply #14 on:** February 10, 2004, 02:28:59 pm »

Where are you located, Khalee, because that is going to depend greatly on what state you are in. In Texas creditors cannot touch your home, must leave you with at least one operable automobile, cannot garnish wages, and if they fail to show at a bankruptcy hearing they forfiet any money you own them (I think I'm right about this, my memory of my mother's bankruptcy a few years ago is dim) .

Bankruptcies in Texas are generally lower than in other states that let creditors get away with murder, but if you have to do it it's worth it in the long run.

Khalee · « **Reply #15 on:** February 10, 2004, 02:34:03 pm »

I live in Kansas, but Im going to try one more time to patch things with my brother, if he would just help with moms bills it would help me out greatly, but he seems to think paying for dads funeral is enough, even tho I offerd to help pay on half the cost.

Khalee · « **Reply #16 on:** February 09, 2004, 06:28:55 pm »

Are inheritances protected if one declares Bankruptcy?.

Elvis · « **Reply #17 on:** February 09, 2004, 06:34:38 pm »

IT depends what one means by inheritances? if you stand to inherit in the future it is not an asset and wouldn't be part of the bankruptcy.

Khalee · « **Reply #18 on:** February 09, 2004, 07:01:23 pm »

Well I got the house after My father died still paying on the mortage but since I lost my job last sept Im getting threatend with forcloser, Because of other factors (They are not the only ones screaming for money) Im pretty much going bankrupt.

I have enough left to pay either My bills or My mothers bills not both, and My brother is being too cheap to help me in paying on moms bills which would help me a lot.

So im just wondering would I be able to keep the house If a deside to file for bankruptcy.

Elvis · « **Reply #19 on:** February 09, 2004, 10:38:51 pm »

There are a couple different kinds of personal bankruptcy. I'm no good remembering which numbers are what but the difference is between reorganization and liquidation. Even under the liquidation plan in most cases you can keep your house.

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Topic: Simi Leagle question (Read 3395 times) var addthis_config = {"data_track_clickback":true};

Khalee

Elvis

Khalee

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Scott Allen Abfalter

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Khalee

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Khalee

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JMM

Scott Allen Abfalter

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Khalee

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Topic: Simi Leagle question (Read 3395 times)