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Windfall Rule

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Deyon22
Member

Windfall Rule

What is the Windfall rule exactly? I just filed Chapter 7 on May 7th. My attorney briefly mentioned and I havent had the chance to question him about it. Anybody?

Message 1 of 5
4 REPLIES 4
FicoMike0
Senior Contributor

Re: Windfall Rule

A windfall is unexpected money you receive. If this occurs after filing, the windfall rule requires you to send 10% of it to me, then put the balance in a mason jar and bury it in your back yard, in the middle of the night. I'll let you know when you can dig it up.

Message 2 of 5
Deyon22
Member

Re: Windfall Rule

Well arent you a clever fella Haha!

Message 3 of 5
FicoMike0
Senior Contributor

Re: Windfall Rule

Better advice than your lawyer will give.

Message 4 of 5
RealEstateGuy89
Frequent Contributor

Re: Windfall Rule

So like if you got an inheritance from a family member and received it sometime after filing, you would be required to turn it over to the trustee who would disperse it how ever it would need to be done. It's for a certain amount of time after the bankruptcy is filed, but I don't know how long. It seems like six months or something like that, but I'm not for sure. That would definitely be a bummer though to find out that you get an inheritance from your auntie unexpectedly and then realize that you have to hand it over to a United States trustee.... Arrrrggggghhhhhh!!!

Message 5 of 5
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