If I’m in the process of filing for bankruptcy but do not yet have a case number, how can I protect an asset that I have not yet received?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I’m in the process of filing for bankruptcy but do not yet have a case number, how can I protect an asset that I have not yet received?

In the process I found out that my mother’s codo is to be sold and half the money will be shared between my brother and I. How do I protect that money?

Asked on November 26, 2013 under Bankruptcy Law, Nevada

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 7 years ago | Contributor

You are either in bankruptcy, filed with a case number, or you are not.  Thus, now that you know that you have a potential asset, you must make full disclosure of its existence if you do file for relief.  If the condo is part of a legacy (inheritance), the trustee can wait until the property is sold and then take your share and apply the proceeds to pay creditors.  You probably have no exemptions for the property as it has not been used as a homestead (your residence).

The only thing that comes to mind is to postpone the sale, move into the condo and reside there for the necessary period to qualify for a homestead exemption.  The time periods vary among the states.

I would advise you to seek local counsel for more specific advice.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption