Bankruptcy

"Chapter 13 Debtor Cannot Keep Lottery Winnings Or Inheritance Received After The Court Confirms Bankruptcy Plan"

By Joseph McDaniel, Esq.

And if you want to read the article, I've linked to it here.

And I gotta tell you, there are reasons I really prefer helping people file the troublesome but helpful Chapter 7 Bankruptcy in Arizona, rather than the total pain in the behind for five long years (sometimes three) Chapter 13 bankruptcy in Arizona.

And that's one of the reasons. In a Chapter 7 in Arizona, after the debtor has gotten past the 180-period in 11 USC 541, they have a shot at keeping their inheritance (assuming that their entitlement to receive started after that 180 day period; doesn't help if they simply didn't get the dough out of probate in the first 180 days, you know?); and I've previously explained that the lottery ticket winnings stay with the Chapter 7 debtor, depending on whether he purchased the lottery ticket before he filed, or after he filed (there's a little fudge factor, depending on the source of the dough to buy the tickets, but we'll talk).

So if I can find a way to get a debtor filed under a Chapter 7, I try hard to do that; the screams, over a five year period, as the payments are jerked out of the poor Chapter 13 debtor's hands...they make me sad, you know?

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on July 14, 2010 (boomark / email).