What Happens When You're In A Chapter 7 Bankruptcy But Come Into Money?

The chapter 7 bankruptcy filing is a snapshot in time. At the time of filing, the bankruptcy estate is created. If you were to acquire post-petition assets such as a winning lottery ticket, you would be able to maintain that property and still complete the bankruptcy. An exception to this general rule would be an inheritance received within six months of filing. That inheritance would become property of the bankruptcy estate subject to administration by the chapter 7 trustee.

What about a job promotion or increase in pay? These typically would not affect the chapter 7 bankruptcy filing. However, if the change was significant, a savvy trustee could make the argument that you now have the ability to repay all or a portion of your debt and that the continuation of the chapter 7 bankruptcy is tantamount to bad faith. If this were to happen, the trustee or the United States trustee would bring a motion to convert the case to chapter 13 or to dismiss the case in its entirety.
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