I just had an offer on a rental house and if I sell it I will recieve about $30,000 in cash. We have a business that is doing very poorly and we are probably going to file bankruptcy in the nex four to seven months from now. What should I do with that money in the mean time. Not pay off cars or other stuff right? I have no credit card debt, just debt on my house, cars, horse trailer and tractor. (thats my personal debt) The big debt is on the business (seven figures) Should I take that money and put it into cash and stash it? Any feedback is greatly appreciated !!
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You want to do one of two things.
1. The best option is to put that money into something exempt. For example a retirement account.
2. The second option is not as feasable with such a large amount of money. But part of it can be spent on necesarry living expenses as long as you keep recipts.Filed: 10/26/2006
Discharged: 03/05/2007
Closed: 5/19/2008 - Asset case due to balance transfer and income tax refund -
You really need to speak with your bk lawyer about exempt assets that your state allows.Comment
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