Answered 2 years ago|
You need to consult with a bankruptcy attorney before you refuse this gift. The purpose of bankruptcy is to set up a way to repay debts if possible. If you have funds available through an inheritance to pay a creditor, the refusal of the gift and designation to a non-creditor could be considered a fraudulent transfer-- which could result in issues in the approval of your bankruptcy plan. If you want to gamble an forfeit the gift anyhow, you simply need to sign and affidavit stating that you are refusing the gift and deliver it to the person designated to handle the estate. Keep in mind, however, that if the bankruptcy court decides that the transfer was to avoid a payment of these funds to a creditor, that the bankruptcy trustee could go after the estate for the funds despite your refusal.
The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you go to AttorneyPages.com
and retain an attorney to represent you.