The date a Chapter 7 petition is filed is generally the cut off date for measuring the property of a debtor, but two major exceptions exist. Property acquired by bequest, devise or inheritance or marital settlements received within 180 days after the case is filed is also included in the bankruptcy estate. Bankruptcy Code
Can a Millionaire file Bankruptcy?
By Sam Turco on
Posted in Chapter 7, Inheritance
Ted Baer, heir to the J.L. Brandeis & Sons department store fortune, may inherit millions of dollars in five years according to an article published by reporter Joe Ruff in the Omaha World-Herald .
Ted Baer stands to inherit about $16 million dollars. However, the Chapter 7 Trustee, Thomas Stalnaker, has indicated that he will…