Three Rivers Bankruptcy
In general, a debtor may claim an exemption in his home and certain personal property in a bankruptcy proceeding. If the property is exempt it cannot be taken by the bankruptcy trustee and used to pay your creditors. At your initial bankruptcy consultation your attorney will ask you about your assets to make sure that all of your property is exempt and that you will be able to retain your assets

I you file your bankruptcy before you receive you federal or state tax refund, you may be asked to turn your fund over to the bankruptcy trustee. Similarly, if you are an heir but have not yet received your inheritance or are the beneficiary of an insurance policy of someone who has recently died and have not received payment, you will likely have to turn it over to the bankruptcy trustee.

It is very important that you disclose not only your current assets to your attorney but also inform him of any money or property you are likely to receive within 6 months after filing your bankruptcy. If you anticipate receiving any property, such as a tax refund, in the near future, it may be possible to hold off filing your bankruptcy until after you have received it and either spent it or purchased exempt property. You should always keep receives if this money is spent, in the event the bankruptcy trustee want documentation of what you did with your refund. The refund should never be used to repay a creditor, especially a relative who may have loaned you money to live on.
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