Saturday, July 9, 2016, 03:56 PM
Posted by Administrator
Obviously, if you file bankruptcy and, after you file, you win the lottery, you should give your lawyer at least 10% of the jackpot (you don't have to, but, on behalf of lawyers everywhere, I've got to mention that it does make sense). But, after that, do you have to pay your creditors with your winnings? No.

In general, what you acquire after you file your Petition is yours. Exceptions? There always are. 1) If someone dies within six months and you receive or become due to receive assets from their estate or life insurance proceeds. 2) Someone remind me......I can't think of any others. Note: If you remember, after you file, that you had an asset....a lawsuit you can pursue....a big bar of gold in the have to amend your Schedules and let the court appointed trustee know about the asset.

And, remember, just because you don't have the cash yet.....doesn't mean you don't own the asset. Injured in an accident......the recovery likely will belong to the court appointed Trustee and the "estate" unless you get money for your claim before you file; have a winning lottery ticket in your nightstand drawer....that's an asset even if you were planning to hold onto it and not cash it in until the bankruptcy is over (Note: signs in the U.S. Trustee's waiting room next to the "341" examination room say: "The FBI investigates bankruptcy fraud.....and, it does.).

But, on the other hand, if you file......and a few months later your boyfriend wants to buy you a car to replace the car you turned into the creditor when you filed....tell him "yes, do that, good idea."

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