If my mom died almost a year ago leaving me life insurance of $36,000 and I now need to file Chapter 7, do I have to account to where the proceeds went?
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If my mom died almost a year ago leaving me life insurance of $36,000 and I now need to file Chapter 7, do I have to account to where the proceeds went?
I stopped paying my creditors last year, after her death. I cannot account for all of the $36,000.
Asked on November 20, 2014 under Bankruptcy Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
I think that you may be confused about the reporting requirements involved with a bankruptcy proceeding and inheritance received. You have not yet filed for Chapter 7, correct? The reporting requirement that you must advise the bankruptcy trustee of an inheritance only matters if the inheritance is received with in 180 days of the filing. Your inheritance was not received while in bankruptcy. You have no reporting requirements. Good luck.
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