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I have not received any money yet. Is that money should be included in the bankruptcy? What money can I receive from the sale of his house and property? I also have a 401K at my work - can I get to keep it?

Depends a lot if you have already been filed or the anticipation of filing.

If you have already filed your (bankruptcy) estate is what it was at the date you filed. You probably will not get something from your estate to my father until a court orders the final distribution. You can be bankrupt at the time.

Your 401k is exempt from property and will not be affected by bankruptcy.

You should ask your lawyer bankruptcy of some of these issues. If you do not get one.

** Note: This is a general discussion on the topic of your question and not legal advice. Local laws or your particular situation may change the general rules. For a precise answer to your question, you should consult a lawyer with whom you can discuss all the facts of your case. **

In Illinois your 401k is 100% free. Other states have exemptions for low pension so it depends on your condition. However, the pension is an income and you must register as such. Even with any product you receive from the sale of its assets. This is all income you have to report to the bankruptcy court. Do you have so many debts that these funds would not help you pay?

Typically your first meeting of creditors, the trustee informs you of your obligation to inform him if you receive money in the next 6 months. If you know that you will receive the money within 6 months, simply do not file. It will create more headaches than you could have expected. It would be better to hold and wait for money to come in, pay your debts and avoid bankruptcy altogether (unless your debt is higher than what you expect coming in.

This should have no impact on your 401k BUT you really really really need to consult a lawyer about bankruptcy. They know that local exemptions and how much you would receive by inheritance before it becomes a problem.