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Cash On Hand During BK

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    Cash On Hand During BK

    I am new to the forum and have a question about assets. I am converting a Chapter 13 to a Chapter 7 and my Meeting of the Creditors is 9/25. My question is that I will be receiving a refund before 9/25 that will be over $9000. We are already saving money (we have no bills other than utilities right now) due to surrendering our car and the possibility of surrendering the house. I am worried about having excessive cash on hand but I am also weary of spending as well. My attorney has said that there are exemptions up to $22000 and that we can save w/o worry. I have not told the attorney about the refund because I am afraid it will be taken. Should I tell the lawyer?

    Thanks in advance for the advice!

    #2
    You must disclose this info to your attorney.
    Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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      #3
      heck yea tell your attorney! you don't want to go to federal prison. i even told my attorney about pti bail i'm suposed to get back in a couple months although my brother posted (i paid him back) it and it was in his name.this was 18 months ago.the attorney kept insisting it was his money until i demanded it was mine. however, my exemptions cover it but i don't want to hide anything.it was around $2300
      9/22/2009 - officially filed chapter 7
      11/03/2009 - scheduled 341 - COMPLETED
      01/04/2010 - last day for objections
      01/11/2010 - DISCHARGED & CLOSED

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        #4
        Just inform your Attorney. From the amount of your wildcard exemption, it seems you are using California System 2. I would inform the Attorney, and if he feels it necesary, he will amend your schedules to exempt the money.

        Never be afraid to tell your attorney anything. He is there to keep you from doing something inappropriate.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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