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?
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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 10 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.
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