Expert: Mark J. Markus- California Bankruptcy Attorney - 9/30/2008

Question
I have an inheritance with other family members, it is
property that is leased and we all get money each year. My
husband is retired Tulare County Sheriff and we are
independent contractors for a PI company and the work and
money is not there. My husband has medical problems that
limits the amount of work he can do and what he can do for
work. We are in over our heads and need to file for
bankruptcy. What will happen to the inheritance that not
only effects me but other family members? How do I find out
if the inheritance is protected, does it say in my
paperwork? Which filing would be better for our situation,
we cannot pay our bills, we do not have enough money to pay
everything. Thank you for your help....Tulare, California

Answer
I'm a little unclear on your facts.  You say you have an inheritance.  I think you mean you already received your inheritance and that presently you own a shared interest in a piece of real property that is rented out and on which you receive rental income, is that correct?  How this would impact you in a bankruptcy scenario and what chapter would be best for you can only be determined after a comprehensive consultation.  The income you receive from the leased property factors into your budget and eligibility to file bankruptcy, and the ownership interest in the real property is an asset which, depending on its value, as well as the value of all your other assets, could affect your ability to retain your interest in that asset.  If you would like to schedule a free phone consultation, please visit http://www.bklaw.com/consult/ and complete the five (5) steps there to schedule an appointment.