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My wife and I have planned on filing for bankruptcy next year. We have major medical debt.  She lost her leg in a car wreck and I was in the ICU for 8 days with a blood clotting disorder.  We are in our 30's.  Unexpectedly, my father passed away this month.  He left life insurance in my name.  His home is paid for and there is no debt.  There is also a money market account.  My wife and I have lived in the home with my father and have helped care for him for the last two years. It worked out well for us because we were in so much debt.  My siblings are allowing me to purchase their part of my father's home.  They are giving me a very reasonable deal.  I'm using my part of the money market account and the life insurance he left in my name.  My brother lives very far out of state and does not want the family home. My sister does not want it either and has her future planned out that does not include living here. She has her own rented home with her fiance of five years.   My delima is if I use my small inheritance to purchase the home from my siblings will I still be able to file for bankruptcy???  My inheritance is very small and would not put a dent in what I owe for medical bills, credit cards, etc.  The home has been in my family for over 60 years. My father had it renovated about ten years ago and it's in very decent shape. It's a super modest home but it would be ours and I would work to make it nicer.  The neighborhood is not what is use to be but I would be a home owner without a mortgage and that would give my wife and I some security. Especially because of our health problems.  I don't want the home if it would be taken from me in just a year or so.   Please get back with me as soon as possible.  There was not a will so the home is going into probate but all of us three kids agree that I should be the homeowner.  We are not disputing anything. I just have not brought up my finical concerns with them or even the lawyer.  I'm ashamed and don't want them to know and even though I'm paying a 3rd of the lawyer I have not been able to meet him alone yet and ask him anything.  We have not paid the lawyer a penny yet.  None of the three of us have.  I love this home and I don't want to make any decisions that would ruin all that my father worked so hard for and loved.  I could not live with that shame.  Thank you in advance for a reply

Answer
Hello Tim:   I apologize for taking so long to answer.   I saw your question a couple of days ago and was in the process of answering when the computer screen just blanked out - and then when I tried to come back to it, it was gone.     Now it is there again this morning??    This technology will drive me crazy yet.

I carefully read your question and, in answer to your question about whether you would be able to keep your inheritance/home after bankruptcy, there is no way that anyone could give you an informed response without knowing more specific facts that you do not state in your question.   

I will be glad to help you figure this out if call me on the telephone.    If we do it that way, it will be a lot easier and quicker to give you a good answer.   Also, you won't have to put your information in such a public forum as this all expert site.  I will not charge you just to talk on  the phone.    You can call me directly anytime at the following number.


Jack Hall, J.D.
Bankruptcy Services
915  261-3893
jackhallbk@aol.com

Hello again Tim:     Since I answered this question yesterday, I have done some checking on the specific Alabama exemption laws and found out that it looks like you could file for bankruptcy protection under the circumstances you describe, and still not lose the house.   I can explain in more detail if you call me and again, I will not charge you just to talk on the phone.    insofar as doing the bankruptcy itself, you have probably been quoted attorney fees of around a thousand dollars to do a chapter 7 bankruptcy.    If I did it for you I would charge $250.  

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Expertise

Can answer questions about bankruptcy, lawsuits or judgments that have been filed against you. Also can answer questions about tax issues, property that is facing foreclosure, repossession of vehicles, and wage garnishments. 915 261-3893

Experience

Over 30 years experience assisting consumers with lawsuits and bankruptcy matters since graduating from law school.

Publications
Numerous published appellate court opinions; Law review publications; Article on consumer bankruptcy in Black Enterprise magazine; was requested to author a book on consumer bankruptcy by Doubleday Publishers

Education/Credentials
Over twenty years of education including law degree (J.D.); masters and bachelors degrees in political science; author of magazine articles related to consumer bankruptcy; hundreds of hours of continuing education legal education and seminars

Past/Present Clients
Have had well over a thousand bankruptcy clients during the past 30 years and have had many clients in civil lawsuits during the same time period

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