Post-Petition Chapter 13 Windfall

Posted on December 9, 2011 at 2:04pm by

Let’s say you file Chapter 13. In doing so you estimate a your share of a piece of property at $10,000. Then, two years later KDOT (Kansas Department of Transportation) calls and wants to acquire your land for more than 15 times what it was previously valued.

Then, let’s say you receive a $113,000 windfall on the property after taxes and proceed to spend nearly all of it as fast as you can on a new vehicle, garden shed, a trip to Hawaii, a $3,000+ washer/dryer combo, and a Sleep Number bed. Plus $49,000 in miscellaneous expenses.

Click here for more. They probably should have gotten an attorney involved a little sooner don’t you think?

 



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