Submitted by GDavis on Thu, 06/24/2010 - 09:36
Posted in
So here's the issue. I'm probably going to file bankruptcy, chapter 7. My wife says I should stop buying lottery tickets while the bankruptcy is pending because even if I win I'll have to give the money to the creditors. I say that once the petition is filed and the stay is in place that any winning I make I'll be able to keep. Who is right?
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Editor's Response
Your wife is correct about the winnings and about buying lottery tickets (it's bit of long shot for someone who, clearly, could put the money to better use). But if you do buy one, and you become entitled to winnings for up to six months after the filing date, that money will become part of the bankruptcy estate. In that case, the bankruptcy trustee will take the money and distribute it to your unsecured creditors. For more general information, visit our Massachusetts Bankruptcy Discussion Forum.