My Stock skyrockets but I dont think I can sell

[tammygirl1]

So I bought a tech stock back in 2008 under $3 a share and just looked in on it and it is now over $31 !!!! I have 200 shares in it! I wish I could sell but I don't think I have the cash excemption to do so. My luck is it goes way back down. When we filed it was at $18....Goodness it would be nice to sock that cash away.
I am soo bummed :-(

[LadyInTheRed]

Probate code Section 1327(b) provides

Except as otherwise provided in the plan or the order confirming the plan, the confirmation of a plan vests all of the property of the estate in the debtor.

http://www.law.cornell.edu/uscode/usc_sec_11_00001327----000-.html

The exemption applies at the time of filing. So, converting an exempt asset to cash after confirmation shouldn't be a problem, as long as neither the plan nor the confirmation order prohibits the sale of the asset. The question is, would your capital gain be considered income that the trustee could get? Check with your attorney.

[tammygirl1]

Thanks! I am planning on shooting an email off to them and see what they say.

[momofthree]

You should be able to sell it as long as you get trustee permission. Be aware that you will have to pay taxes on it though.

[Flamingo]

Your stock gains will have to be listed on your tax returns for the year in which you received the gain and you will receive documentation as to the gain from the company or its agent that they have sent into the IRS. It will be considered income/funds that you will need to report to your attorney/trustee since you are still in your Chapter 13. To avoid issues and/or possible dismissal if you sell the stock and receive the gain, talk to your attorney before you do anything as to that stock.

[ABC]

Check with your attorney.

Mine said don't even call unless an event causes a change greater than $ 10,000. You'd be under that on this one.

[momofthree]

Check with your attorney.

Mine said don't even call unless an event causes a change greater than $ 10,000. You'd be under that on this one.

That is rare. Most confirmations specifically require permission to sell any asset or incur any debt over a certain dollar amount, most commonly this amount is around $500.