Goodman Law Firm, P.A.

Experienced criminal defense, bankruptcy, divorce, and family law attorneys located in Portland, Maine

Free Consultation
207.775.4335

Can I Own Anything After Bankruptcy?

Yes! Many people believe they cannot own anything for a period of time after filing for bankruptcy. This is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits after your bankruptcy is filed, that money or property may have to be paid to your creditors.

 

In a chapter 7, inheritances, property settlements, and life insurance benefits are safe if your right to receive them arises more than 180 days after your bankruptcy is filed. In a chapter 13, they are only safe if your right to receive them arises after your case is finished.

Leave a comment

Your email address will not be published. Required fields are marked *