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11 U.S.C. 541(a)(5) - Six Months After Discharge Reporting
*Dear Members:
I have a client who had been disabled for the greater part of a year before
filing a Chapter 7 Bankruptcy. The case was discharged. Now he is getting
reading to go back to work having recovered from his injury. His income is
going to go up. I was concerned that his returning to work and increase in
income might affect his bankruptcy given a dramatic increase in income.
So before I posed this question I read:
11 USC 541 . Property of the
estate*
(a) The commencement of a case under section 301 ,
302 , 303 of this title
creates an estate. Such estate is comprised of all the following property,
wherever located and by whomever held:
*(5) Any interest in property that would have been property of the estate if
such interest had been an interest of the debtor on the date of the filing
of the petition, and that the debtor acquires or becomes entitled to acquire
within 180 days after such **date--*
*(A) by bequest, devise, or inheritance;*
*(B) as a result of a property settlement agreement with the debtors
spouse, or of an interlocutory or final divorce decree; or*
*(C) as a beneficiary of a life insurance policy or of a death benefit plan.
*
*(6) Proceeds, product, offspring, rents, or profits of or from property of
the estate, except such as are earnings from services performed by an
individual debtor after the commencement of the case.*
I interpret this to mean that any money he makes from wages after the
commencement of the case are not property of the estate. So if he returns
to work and makes money again, that money is not within the reach of the
Trustee. Am I reading that correctly?
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (323) 304-5496
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Dear Members:I have a client who had been disabled for the greater part of a year before filing a Chapter 7 Bankruptcy. The case was discharged. Now he is getting reading to go back to work having recovered from his injury. His income is going to go up. I was concerned that his returning to work and increase in income might affect his bankruptcy given a dramatic increase in income.
So before I posed this question I read:11
USC 541. Property of the estate
(a) The commencement of a case under
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