Curiosity on my part....

ivamaeJuly 28, 2006

I'm wondering how the laws in Canada compare to the laws in the States in regard to bankrupcy and bequeaths. I live in Canada. When my husband died one of my step sons had declared bankruptcy several months before. Everything his father left him went directly to the bankruptcy court. Does the same thing happen in Florida and if so, how long after declaring bankruptcy would this still be the case. My husband, who was very much aginst decalring bankruptcy, would have been so very upset if he had known his son was going to declare bankrupcy and that this was going to happen.

Thank you for reporting this comment. Undo

Bankruptcy law is Federal law in the U.S. so whether its Florida or some other state--the result would be the same with regard to inheritance. One of the questions they ask at the first hearing of a bankruptcy case is whether you are going to inherit money, or whether you are involved in litigation or something that would bring money in so that creditors could be paid. So they know at the outset of the case that you might inherit.
It is possible (and highly likely) for the court or the trustee to keep the case open longer than usual if there is a sum of money coming in from any source.
Generally, if your case is closed and you have received a discharge (its all over) and then somebody dies leaving you money the limit is probably 6 months from that date.
And the 727 after my name is a section of the bankruptcy code that describes what happens if they discover you have tried to hide assets.

    Bookmark   July 29, 2006 at 2:50AM
Thank you for reporting this comment. Undo

Thanks for your reply. Can you also tell me how long it usually takes from the first court hearing until you are completely out of it. The person I am thinking to, did inheirit money - substanial amounts, on 2 ocasions, after applying but was completely unaware that this was going to happen


    Bookmark   July 29, 2006 at 8:18AM
Sign Up to comment
More Discussions
child tax credit, age 17 cutoff
I was just wondering if anyone knew the logic behind...
refinancing a home
Just learned my interest is 5.25 on our home morgage....
help!!! advice needed asap for 2nd mortgage
I need to take out $30,000 in equity for desperately...
I NEED to vent!
I am so UPSET Just received a notice from my credit...
Here's a question for those who pay with cash
It happens occasionally, I'll be in a checkout line...
Sponsored Products
'My Phone' Box Sign
$6.99 | zulily
England Coast 23 Inch Outdoor Three-Light Wall Light Fixture In Bronze
$150.10 | Bellacor
WP RGBDW 5050 ColorPlus LED Strip Light 60/m 12mm wide Foot
Harlow Five-drawer Chest
Grandin Road
Parts & Accessories: Westinghouse Drawer Hardware Acorn Knob Finial 7013300
$2.64 | Home Depot
Replacement Filters for Gourmand Series Wall-Mount Range Hoods
Signature Hardware
Turquoise Double Gourd Table Lamp
$99.99 | Lamps Plus
Classique Flushmount by Stonegate Designs
$355.00 | Lumens
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™