The Essence of Hiring Foreclosure Attorney Rancho
What Effect Does Bankruptcy Have on Inheritances? If a Debtor receives money or property during the course of their bankruptcy, it can and frequently does damage the inheritance. A bankruptcy estate is formed when someone files for bankruptcy. The estate is made up of the Debtor’s property and assets. A bankruptcy estate is managed by a bankruptcy trustee, who acts as a legal owner of the Debtor’s property and assets for the duration of the case. As a result, any extra assets received by the Debtor while they are in bankruptcy, such as inheritances, are transferred to the estate. You might advise that the property be put under a revocable living trust rather than a will to avoid any inheritance being considered inside a bankruptcy estate. Several courts have ruled that property left in an abandoned building is considered abandoned. Property placed under a revocable living trust is not considered part of the bankruptcy estate, according to certain courts. Cash, heirlooms, real est...