The bankruptcy trustee typically looks at all of your economic activities for two years prior to the filing date of your bankruptcy petition.

In addition, for 180 days after you file for bankruptcy, if you become eligible to receive proceeds from a divorce, an inheritance, or insurance proceeds you must report those assets to the trustee (11 U.S.C. § 541(a)(5)). If you find out you are going to receive these types of proceeds let your bankruptcy attorney know immediately (and if you do not have a lawyer, contact your trustee immediately).

It is important that you report these proceeds even if you think they are exempt. You also need to report these new assets even if you will not receive them until after the 180 days expires.

Remember: bankruptcy is about full disclosure. If you fail to report those new assets to the trustee, your bankruptcy discharge could be revoked; meaning that you will possibly owe all of your creditors the full amount of their claims.