Bankruptcy Indiana

Sweepstakes are on people's minds during these difficult days, I find. From Columbus bankruptcy lawyers to bankruptcy attorneys in Anderson, Indiana - many of the questions people are asking in my bankruptcy law offices (and asking my colleagues in different parts of the country, I've learned), have to do with lotteries and sweepstakes.  Of course, the main thing folks want to know is this: If I file bankruptcy and then win the lottery or a sweepstakes, DO I GET TO KEEP THE MONEY?

It's a tempting thought, to be sure.  If you're in a situation where you need payday loan debt help, or student loan debt help (or both!) and credit card lenders are calling you, and maybe you've received a foreclosure notice, it helps to escape into a dream in which you come into millions of dollars all for the price of one lottery ticket.

To be honest, I have to admit that, in almost twenty-five years practicing bankruptcy law in Indiana, helping tens of thousands of people navigate the bankruptcy process, I've never had one who turned out to be a big sweepstakes or lottery winner afterwards.

Still, just to set readers straight on the "What-would-happen-if's", the answer is that, as with many things in life, it depends. Here's what I mean.  In bankruptcy, everything is measured on the day of filing and what the situation is on that day.  So, say you bought your sweepstakes ticket before you filed bankruptcy, and then, some time after your debts had been discharged by the court, it turns out you have a winning ticket.  Your winnings would become part of the "bankruptcy estate", and the bankruptcy trustee would use the money to pay back your creditors. ( Hopefully, there'd be some cash left over for you to enjoy!)

On the other hand, let's suppose that on bankruptcy filing date you hadn't yet purchased that to-be-winning ticket.  You bought the ticket after your bankruptcy case was filed.  In that case, if you turn out to be a winner - the windfall would be all yours to keep!

There's a famous line from Shakespeare about "What's in a name?"  When it comes to bankruptcy, you might ask "What's in a date?"  The answer to that question would be, "A LOT!"