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Prodecting My Inheritance from Ex Wife's Bankruptcy

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  • 11-12-2008, 02:41 PM
    Burly
    Prodecting My Inheritance from Ex Wife's Bankruptcy
    My question involves bankruptcy in the state of: Washington
    I'm in the process of getting a divorce. Our debt, nearly 60k on credit cards, will be split evenly. My wife has told me she will be filing chp 13 to pay her half. She found out that creditors can go after my assets, including my inheritance and since she can't get the money through the divorce she gets it through chp 13. Is there some way to protect the money? It is considered "separate" property in Wa state.
    Can I cash out the investments and burry it in the yard? Invest over seas? I would buy a house with it but I can't qualify until our house sells and I pay down my half of the debt (I'll need the money for that).

    Any ideas will be greatly appreciated!
  • 11-12-2008, 06:09 PM
    Betty3
    Re: Prodecting My Inheritance from Ex Wife's Bankruptcy
    Washington is a community property state: per the IRS, bankruptcy in a community property state - Filing By one spouse, assets considered: Under the Bankruptcy Code, the bankruptcy estate includes the debtor spouse’s separate property and all community property that is under the sole, equal or joint management and control of the debtor spouse (as determined under state law). In addition, the bankruptcy estate includes community property to the extent that the property is liable for either an allowable claim against the debtor spouse, or a claim against both spouses. In most states, community property laws make all or part of community property held by either spouse liable for claims against only one of the spouses, so the property will probably be included in the estate up to the value of the claims.

    *The estate does not include the nondebtor spouse's separate property.* (separate property can include an inheritance)

    Your inheritance may be ok/safe - you need to talk to a bankruptcy attorney.
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