Expert: Mark J. Markus- California Bankruptcy Attorney - 4/15/2009

Question
I noticed in a question you said of they passed away within 180 days of a discharge, inheritance had to be turned over.  What if they passed away right before a filing and you're not sure what will be left over after her expenses...??  I know there will be a social security settlement, and possibly an auto accident settlement. She does have alot of money owed though and I am having to pay her space rent now so they don't repo her mobile home I hope to sell on payments or something. I am an only child. Do I need to set up an estate for her to protect that money or would it matter...?? If so, is there a low cost way to set that up ? Can i open an account in that name and keep that money from the bankruptcy at least until it's determined what's going to actually be mine..? Any advise is greatly appreciated as I don't have money for an attorney and am doing the bankruptcy myself.

Also do you know if there is standard lowest acceptable / workable monthly payment in a chapter 13 case...??

Answer
If I am understanding your question correctly, you are asking whether money or other assets you became entitle to receive via an inheritance prior to your filing a bankruptcy case belong to you and will be property of your bankruptcy estate.  The answer is yes.

Whether or not you can protect these assets depends on their value and what exemptions you have available under applicable law (depending on where you have lived for the past 2 years).   See http://www.bklaw.com/exemptions.html for more information on this.

As for the minimum payment in a chapter 13 case, that depends on what the court in your jurisdiction allow.  There is no statutory minimum other than the fact that you must pay more than your creditors would get in a Chapter 7 case.







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