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filing soon and in need of help

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    filing soon and in need of help

    Hello everyone,

    Back in early 07 I was scammed into purchasing two investment properties. I soon found out after that they faked the hud statements. So I and many others were tricked into buying properities that were not worth near what we paid for them.

    Fast foward to 2010. My credit is shot as I stopped paying both properties and didnt pay my own house for about a year because of a lay off and ran up a few small credit cards.

    I decided to file for bankruptcy. This is were it gets a tad tricky. I ran into some money about 4 months ago. I felt like I got a big break after having a horrible two years. I got a little over 20,000 dollars and then about one month ago I got a 6000 dollar settlement check from countrywide home loans. I put the money into a joint savings account that belonged to my ex fiance and I. My fiance and I broke up recently and I thought it was only correct for me not to take back all of the money because she supported me for some time.... We no longer have the joint account and I have about 16,000 in my persoanl account.... I will of course declare that I received this money but I am afraid that they will ask me for all of the money when I clearly dont have all of it anymore.

    Do I have anything to be concered about?

    #2
    Oh yea you got a lot to be concerned about.
    A payment to an insider within a year of filing and, if your lawyer can't exempt that $16K you still have, you'll lose it.
    You may well have to delay filing and let the transfer season and either spend down what you have or put it in exempt assets.
    Have you spoken with a lawyer yet?

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      #3
      Keepmine,

      thanks for the reply. The 16K I took back... I will be living off the 16 for the next 4 months or so. I have no worries about them taking that away since I will most like use it after I pay the lawyer, mortgage, insurance, food, blah blah blah.

      My concern is with the rest of the money that my ex fiance still has in her account. She supported me for some time so I had to leave that behind. Will the courts see this in a negative light?

      By the time I file I would have deposited that money 8 months before and did take back most of it.

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        #4
        I'll say again. You have a payment to insider and the lookback period is a year.

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          #5
          So it is safe to assume that I either have to get all monies back and pay down or delay the filling.

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            #6
            Originally posted by floridabank View Post
            So it is safe to assume that I either have to get all monies back and pay down or delay the filling.
            You need to speak with a lawyer before you do anything.
            Should you file inside a year, the trustee can sue your x for the return of the money.

            Comment

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