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  1. #1
    Join Date
    Nov 2006
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    Texas
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    Default Re: Chapter 13 Bankruptcy, Inheritance and Lotto/Sweepstakes Wins

    IN RE PARKER, Case No. 91-10174 (Bankr. W.D.N.C., Oct. 1992)(J. Hodges) - A Chapter 13 Trustee may require a debtor to modify his Chapter 13 Plan to apply inheritance money to increase the payout to unsecured creditors. Post-confirmation modification to increase the amount paid to a particular class of creditors is permissible when 1) the debtor's change in financial circumstances is substantial enough to justify the modification, and 2) the changed circumstances are not those that could have been anticipated at the time the Chapter 13 Plan was confirmed.

    IN RE VORE, Case No. A-B-86-10331 (Bankr. W.D.N.C., July 10, 1990)(J. Wooten) - In an agreed order, the court granted the Chapter 13 Trustee's motion to apply the debtor's $27,000 inheritance to the plan because it was property of the estate under 11 U.S.C. 1301(a)(1), and under the Chapter 7 analysis required in 11 U.S.C. 1325(a)(4) the debtor's unsecured creditors were entitled to be paid 80% of their claims. The inheritance was received more than four years after confirmation of the plan that had originally provided for a payout to unsecured creditors of approximately 35%.

  2. #2
    Join Date
    Jul 2006
    Location
    Ohio
    Posts
    1,126

    Default Re: Chapter 13 Bankruptcy, Inheritance and Lotto/Sweepstakes Wins

    Quote Quoting Just Breath
    View Post
    IN RE PARKER, Case No. 91-10174 (Bankr. W.D.N.C., Oct. 1992)(J. Hodges) - A Chapter 13 Trustee may require a debtor to modify his Chapter 13 Plan to apply inheritance money to increase the payout to unsecured creditors. Post-confirmation modification to increase the amount paid to a particular class of creditors is permissible when 1) the debtor's change in financial circumstances is substantial enough to justify the modification, and 2) the changed circumstances are not those that could have been anticipated at the time the Chapter 13 Plan was confirmed.

    IN RE VORE, Case No. A-B-86-10331 (Bankr. W.D.N.C., July 10, 1990)(J. Wooten) - In an agreed order, the court granted the Chapter 13 Trustee's motion to apply the debtor's $27,000 inheritance to the plan because it was property of the estate under 11 U.S.C. 1301(a)(1), and under the Chapter 7 analysis required in 11 U.S.C. 1325(a)(4) the debtor's unsecured creditors were entitled to be paid 80% of their claims. The inheritance was received more than four years after confirmation of the plan that had originally provided for a payout to unsecured creditors of approximately 35%.
    Thanks for providing that information.

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