[CLBS] windfall money

[rgreenwood at greenwoodlaw.com]

This is a good example of the "stgreet law" that has a grain of truth in
its origins.  Similar to "if they don't read you yukourMiranda rights, they
can't arrest/convict you."

See the definition of property of the estate in Sec. 541 for post petiton
property that becomes property of the estate even thought he debtor has no
interest in it at the time of filing.  Trustees took to  using the word
"windfall" sometime in the 80s or 90s to describe those circumstances when
property aquired post petition becomes property of the estate.  It became
part of the litany questions posed to the debtor at the 341 meeting.  So
far as I know, the word "windfall" is not to be found in the BK Code.  It
always helps to have a copy of the law and read it from time to time.

Original Message:
-----------------
From: Tyler McGee Tyler at twinfallsattorneys.com
Date: Thu, 21 Jun 2012 17:16:34 +0000
To: clbs at admws.idaho.gov
Subject: [CLBS] "windfall" money


I have always assumed that financial windfalls after filing had to be
disclosed. In fact, the trustee's statement of information (at least in my
neck of the woods) requires disclosure to the trustee of any windfall.
However, I see nothing in section 541 that would include financial
windfalls outside of inheritance, divorce property, or life/death policies
in the bankruptcy estate. Is there a case or other statute out there that I
am unaware of that would require disclosure or turnover of financial
windfalls like gambling or lottery winnings?  


Tyler J. McGee

ROY, NIELSON, BARINI-GARCIA & PLATTS
P.O. Box 487
Twin Falls, Idaho 83303-0487
Phone: (208) 734-4450
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