Property You Are Entitled To, But You Haven't Yet Received

RECEIVING PROPERTY AND BANKRUPTCY-Attorneys Modesto, CA

Property that you are legally entitled to receive, but hasn’t yet arrived, is property of the bankruptcy estate. That doesn’t mean you are going to lose that property because it could be exempt. Remember, most debtors rarely have to give up anything. You are allowed a wildcard exemption of about $21,000 to about $24,000. That means if you expect to inherit $10,000 and you have $5,0000 in your savings account, then you won’t lose anything. It’s important to disclose to your Modesto lawyer at the law office of Ben Roberts, everything you expect to receive so it can be protected. Here are some examples of property that you may have not yet received:

  • tax refunds
  • money that you inherited
  • money from an insurance policy
  • a legal claim that constitutes a law suit, such as a personal injury claim
  • accounts receivable
  • money that you earned from work, but not yet received
  • property that people owe you.
  • Money earned from property in your bankruptcy estate such as rent from a home, royalties from intellectual property rights

PROPERTY YOU ACQUIRE WITHIN 180 DAYS OF FILING BANKRUPTCY-Lawyer Modesto, CA

For the most part, the property you acquire after you file for bankruptcy is not part of your bankruptcy estate and the trustee can’t touch it. However, some property you acquire is property of the bankruptcy estate and must be reported to the trustee. This includes:

  • Property you inherit from someone’s death whether it be from will or trust or no document at all
  • Property received from a marital settlement

COMMUNITY PROPERTY IN BANKRUPTCY-Modesto Attorneys

California is a community property state, so be careful about leaving your non-filing spouse’s property out of your bankruptcy petition. The general rule is that any property or money earned during the marriage is owned 50/50 by the spouses. If you are married and file for bankruptcy in California, all the community property that you and your spouse own is part of the bankruptcy estate. Your exemptions still apply so you can usually keep everything you have. The separate property owned by the non-filing spouse is not part of the bankruptcy estate.