Is inheritance protected from bankruptcy?
In this caller's case, the inheritance was not protected from bankruptcy.
Attorney Tom Olsen: Barbara, you're on news 965. Go ahead.
Attorney Tom Olsen: Hey.
Barbara: As I was very badly explaining, I am very much in debt and I have bill collectors calling all the time and we've gotten ourselves in some financial difficulties. And now, unfortunately, my mother has passed but the only good part is that she did leave me some monies in her estate, it's in probate. My sister said that they may be going to court because -- and also that there was some stocks and bonds. But they said it could take up to six months to sell those. So I am going to have some monies coming in. It might be up to six months before I can do anything. In the meantime, like I said, we were seriously considering declaring bankruptcy.
Attorney Tom Olsen: Okay, Barbara, are you married?
Attorney Tom Olsen: All right. So, Jim, what do you think about Barbara's situation about filing bankruptcy now, six months before she might get some money from her mother's estate? Attorney Jim Monroe: That money from the estate if you file the bankruptcy is going to become property of the bankruptcy estate and used to pay your creditors if you file a bankruptcy.
Attorney Tom Olsen: Okay.
Attorney Jim Monroe: So what she needs to do is come in for a consultation to see whether or not it would be wise for her to file a bankruptcy.