AboutRegan Shinski Expertise I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.
Experience Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports.
Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry.
I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA).
I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage.
In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.
Education/Credentials BA - University of Minnesota
Question My wife's cousin would like to know what she does if she is currently claiming bankruptcy and has an inheritance pending. Can she keep the inheritance? Will bankruptcy court want the money?
Answer Unfortunately, the answer is "it depends." It depends greatly on the state, how the inheritance is received, and whether we are talking about a chapter 13 or 7.
In general, an inheritance received within 6 months of the bankruptcy can becomes property of the bankruptcy estate, less any applicable exemptions. Again, I stress there are state specific laws that are applicable here, so you need local attorney advice.
This issue is also usually raised at the hearing where the petitioner is asked about potential inheritances. It is wise not to lie. An aggressive trustee can potentially deny the discharge (or worse) if there is any hint of fraud or omittance.
There are ways to avoid this becoming an issue with the most common being setting up the inheritance into a trust that still would give your wife's cousin control of the inheritance without it being subject to creditors.
Hope this helps. If you need anything else, please fell free to ask.
