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How long after receiving a discharge do you have to not report a windfall of income such as winning the lottery or a large inheritance?
Wiki User
∙ 8y ago
180 days from the date of the discharge.
I believe it is 180 days from filing rather than from discharge. If you filed a chapter 7 and received the inheritance or the right to the inheritance within 180 days of filing, then the money should come into the bankruptcy estate. If you already received your discharge, then the trustee may move to reopen your case and bring a proceeding to get the money. However, Trustees, sometimes, try to bring money into the bankruptcy estate that they don't have the legal right to. Lottery proceeds based on a lottery ticket purchased after you filed bankruptcy are not part of the estate, but trustees have been known to go after the money anyway.
Wiki User
∙ 8y ago
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What does a windfall mean?
Generally speaking a windfall is when a person comes into an incredibly large amount of money such as winning the lottery. It can also refer to receiving an accolade of other valuable things. For example, " his poetry gained the poet a windfall of awards and praises".
What is a sentence using words windfall?
Winning the money in the lottery was an unexpected windfall.
How do you use the word windfall in a sentence?
Winning the lottery was an unexpected winfall.
What would you owe in taxes for a lump sum cash Wisconsin lottery winning?
your lumps sum lottery winning are subjected to upwards of 40 percent lottery windfall tax then again at the end of the year for earned income
What percentage of tax do you pay on an 800000 dollar inheritance?
taxes on lottery winning of 800,000 in the state of WA
Receiving mails from UK National Lottery - free lotto towards won the lottery Pls let us know is this genuine or not?
This is called the Lottery Scam and you can find out more info about them here http://scamvictimsunited.com/lottery.htm
Is it better to set up a trust than to claim a lottery prize as an individual?
The purpose of setting up a trust fund to receive lottery prize money is usually to avoid one's heirs having to pay inheritance/estate tax on the winnings you leave behind when you pass away. If this is a concern for you, then you need to consult an estate planner BEFORE you claim your lottery jackpot.
If a person files bankruptcy and it is discharged and closed it does not they can still take the inheritance to pay back creditors?
Once the debt is discharged, a creditor cannot reinstate it, even if you win the lottery.
If you win the lottery after filing for bankruptcy do you have to report it?
It depends upon the type of BK filed and the time span between the filing or discharge of the BK and the winning/payment of the monies.
How much child support do you have to pay if you win the lottery in Kentucky?
If there is a significant change in your income from any source, your child support payments will likely go up. Also, the State will probably intercept the lottery payment for any past-due support.
What does a lost money locator do?
A lost money locator uses the internet and other sources to find people that have either won money in the lottery or have an inheritance and once they find the person they are looking for take a percentage of the pay out.
The difference between profit and wealth?
Profit is the amount made for as company on the sales of a product or service after taxeswealth can be an amount which is not earned i.e. lottery win, shares sold making money for shareholder, inheritance or accumulated wages from working
