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Bankruptcy Law/Lottery Winnings after discharge of chapter 7

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Expert: - 1/13/2009


Question
If you win a large sum of money in a lottery after your chapter 7 has been discharged do you get to keep the money?

Answer
If you bought the ticket before filing, then the asset is part of your bankruptcy estate and would need to be turned over.
If purchased after the bankruptcy discharge, you should be able to keep it, unless there are any state laws that say otherwise in your location.

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Terry Leeders

Expertise

Handles Chapter 7 and Chapter 13 bankruptcy cases.
10 years of extensive bankruptcy experience. Filed over 3000 cases
Chicago Bankruptcy Lawyer website
"One On One Personal Service You Deserve"

Experience

I have been practicing bankruptcy law for 10 years. I have helped over 3000 consumer bankruptcy clients in that time.

Organizations
Chicago Bar Association Illinois Bar Association

Publications
author of Chicago Bankruptcy Blog
Chicago Chapter 13 Bankruptcy Blog
Illinois Bankruptcy Law Blog
Fresh Start Partners

Education/Credentials
University of Illinois Thomas M. Cooley Law School
Chicago Bankruptcy Lawyer website

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