Yes, the property would be at risk if you file and serious bankruptcy planning is required.

Answer Applies to: Colorado
Replied: 8/18/2011

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If your father is still alive, then what he leaves you in his will shouldn't affect your bankruptcy, unless he dies within 180 days after you file. If your father is deceased, then the bankruptcy trustee will claim your share of the inheritance as part of the bankruptcy estate, This means it can be used to pay off your creditors unless there is a way to exempt it. If it is real property that is not your primary residence, then it probably isn't exempt.

Answer Applies to: Oregon
Replied: 8/18/2011

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If your parents have passed away, and you have not yet received the inheritance, the property left to you becomes property of the bankruptcy estate and can be used to pay your creditors.

Answer Applies to: Utah
Replied: 8/17/2011

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I assume that your father is deceased. I offer my condolences. And I am sad to bear bad tidings, but yes, your share of the estate is reportable on the bankruptcy petition. It would be foolhardy to file and not report this asset. The penalties are severe. The better course is to consult an experienced bankruptcy attorney and tell them your problem. We have ways to help. One way may be to file a Chapter 13 Bankruptcy Plan instead of a "straight" Chapter 7 bankruptcy. In a Chapter 13 you do not lose any assets to the trustee. Good luck. Thank you for reading me. I hope that you found this answer to be helpful. This answer is not intended to create an attorney/client relationship. It is general information that should be discussed with your own attorney. Because the law in other jurisdictions is different and the facts of each case are different, consumers cannot rely on the opinions expressed here.

Answer Applies to: Ohio
Replied: 8/17/2011

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This is too important for you to play games with. You should get the advice of a Bankruptcy Attorney to assist you in protecting property. If your father has already passed, then it is important that the attorney evaluate if, when and what Chapter of Bankruptcy you should file. Any assets passed to you in the one year following the filing of your Bankruptcy may be captured by the Trustee and used to pay creditors. If your father is not ill, nor expected to pass, then you must do what makes sense to clear up your debts. Please seek the advice of an attorney.

Answer Applies to: New Hampshire
Replied: 8/17/2011

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You have to give to the trustee anything you inherit within 6 moths of filing for bankruptcy. Has he died? If not you have nothing to worry about. He may want to exclude you for the 6 month period. He can do that.

Answer Applies to: California
Replied: 8/17/2011

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I wrote a brief article on this principal. Here is an excerpt from the blog: "The first thing to consider concerning wills and trusts is that the person making the will or trust (for our purposes we'll call this person Grandma) may change the document at any time before she passes away. So, if you are a named beneficiary in Grandma's will or trust while she is still living, you do not have an absolute right in the property set to be given you at Grandma's death until she actually passes away. This means that so long as Grandma is still living, your (potential) inheritance cannot be touched in a bankruptcy. The second thing to consider is that if Grandma passes away within 180 days (6 months) of filing the bankruptcy all the property you inherit would become subject to the bankruptcy. While it may be possible to protect some of this property from the bankruptcy through State and Federal exemption statutes, likely the best way to protect your inheritance is for Grandma to set up a spend thrift trust with you as the beneficiary. This would have the affect of protecting the inheritance from your creditors after Grandma passes away - even if she passes away during the 180 days following your bankruptcy filing."

Answer Applies to: Arizona
Replied: 8/17/2011

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Need more information. Has father died? If not, his intended gift to you is not yet effective. You have no interest in the estate until he dies and the will becomes executory. However, if you do file and father dies within six months his gift to you will be part of your bankruptcy estate and subject to turnover to the trustee. Instead of getting advice from your family maybe you should see an attorney.

Answer Applies to: Colorado
Replied: 8/17/2011

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If you file bankruptcy the Trustee will own your inheritance and can take the inheritance unless you can find an exemption to protect it from him.

Answer Applies to: Michigan
Replied: 8/17/2011

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Not unless he dies within 6 months of your filing.

Answer Applies to: Maryland
Replied: 8/17/2011

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If your father has passed, then your inheritance becomes part of your estate. Your estate which parts are not caused to be exempt by statutory election, will be dissolved to pay your creditors. If so, you may lose the property. Consult with an experienced bankruptcy lawyer.

Answer Applies to: Connecticut
Replied: 8/16/2011

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If you file for bankruptcy you might lose what you are getting from your father. You can exempt or protect a certain amount of property in bankruptcy so if you do not have enough exemption amount available for the property you might receive then the trustee will claim the property. The trustee will then battle it out with your family to see who gets the property. You will have nothing to say about it since the property will belong to the bankruptcy estate. You better consult with a bankruptcy attorney first because it is dangerous to file a Chapter 7 case if you are entitled to property from someone's estate.

Answer Applies to: California
Replied: 8/16/2011

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If you are entitled to an inheritance within 180 days of filing a bankruptcy it becomes property of the estate. After that time it is not part of the bankruptcy.

Answer Applies to: California
Replied: 8/16/2011

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Is your father still alive or has he passed? If you father has already died, your bankruptcy trustee will be entitled to your share of the estate. If your father is alive, and remains so for at least 181 days after you file your case, you would be entitled to the property left to you in the will. The controlling section is Section 541(a)(5) of title 11 which provides that property of the bankrupt estate includes: Any interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date (A) by bequest, devise, or inheritance; (B) as a result of a property settlement agreement with the debtors spouse, or of an interlocutory or final divorce decree; or (C) as a beneficiary of a life insurance policy or of a death benefit plan.

Answer Applies to: Alabama
Replied: 8/16/2011

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If your father dies within 180 from the date you file a chapter 7 then this asset becomes part of your bankruptcy esatate. If your father has already passed away and you are just waiting for your inheritance then do not file. Do yourself a favor and speak with an attorney.

Answer Applies to: California
Replied: 8/16/2011

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If he is still living and does not die within 6 months after filing, any inheritance is not subject to bankruptcy.

Answer Applies to: California
Replied: 8/16/2011

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If you file for bankruptcy before the property is distributed to you, but after your father's death, the property will go to the bankruptcy trustee to pay your creditors - not to you. The only way to protect your inheritance is to wait until after you receive it to file bankruptcy. Then put it to use in ways that will not leave you non-exempt assets when you file for bankruptcy. You really should talk things over with an experienced bankruptcy attorney before you proceed.

Answer Applies to: Colorado
Replied: 8/16/2011

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The filing of the bankruptcy will not effect your interest in an inheritance as beneficiary unless you have already inherited the property or inherit the property during the 180 days after the filing of your petition.

Answer Applies to: Florida
Replied: 8/16/2011

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The effect of an inheritance while you are in bankruptcy depends on timing. If you inherit within 180 days of the date your petition is filed, that inheritance will become property of your bankruptcy estate. You will be required to bring that matter to the attention of the court and your trustee by amending the paperwork filed with the court to disclose the inheritance. It does not matter that you might not actually receive anything for months or years. The key date is when your loved one passed away. In many cases you may lose some or all of the inheritance. If the inheritance is received after that initial 180 day period, usually you keep it in a 7 but may have to use it in a 13 to increase plan payments. This is where an attorney helps. There could be ways to protect the money by rewording the wills and creating certain trusts.

Answer Applies to: Georgia
Replied: 8/16/2011

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Your bankruptcy attorney will discuss your options. Most offer a free consultation. It is possible to lose your inheritance. DO NOT FILE WITHOUT SPEAKING TO A LOCAL BANKRUPTCY ATTORNEY.

Answer Applies to: New York
Replied: 8/16/2011

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If you inherit within 6 months of filing bankruptcy, the bankruptcy estate will be entitled to your inheritance. You may sign a document refusing your inheritance, which will cause your share to be dividing among your siblings.

Answer Applies to: Nevada
Replied: 8/16/2011

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Yes. It will count as an asset if it has any equity. In VA you get $5,000 in equity in a house and/or cash & funds on deposit. Or you could file Chapter 13 and save the house. Please see a competent BK lawyer to help you sort this out. Doing it yourself could cost you dearly.

Answer Applies to: Virginia
Replied: 8/16/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.