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Inheritance and Bankruptcy Explained by a St. Louis Chapter 7 Lawyer

Some people, in the anticipation of the death of a loved one, seek to file bankruptcy to get their debt under control. They know that there is something in the estate for them and the worry that their debt will consumer most of this inheritance. There are rules, however, about inheriting money so quickly after filing bankruptcy. A St. Louis Chapter 7 Lawyer can explain how filing may impact your ability to keep this inheritance.

If you are eligible to receive an inheritance within 180 days after filing, the bankruptcy trustee can claim some or all of this inheritance to repay creditors. This is done to prevent abuse in the bankruptcy system and to keep people from unfairly claiming money while discharging debt with a St. Louis Chapter 7 Lawyer.

It is important to note that this is when a person becomes eligible to receive the inheritance, not when they actually get it. In some cases, it may take up to a year for a bankruptcy estate to close, at which time a person receives their money. Even though this may have come after the 180 day period, it will still be eligible for a trustee to claim at least a portion of this inheritance for creditors.

At Westbrook Law Group, we can explain how these rules may impact your filing. By discussing your options, you can find the right solution for your debt problems. We know how stressful this situation can be and we will help you find the best way to get your life back on track. To speak to a St. Louis Chapter 7 Lawyer about your issues, contact Westbrook Law Group right away.