help for a friend

[jonnycake]

hello folks
i am hoping to get some info on sold assets before bankrupcy.I have succesfully been discharged and have been offering advice to a close friend who is contemplating doing the same thing.The problem here is that after selling the one asset[a small piece of real estate]and paying back private,personal loans my friend needs to know how he can keep the remainder.In his words"it's all we've got and i'm going to keep it under the mattress!"before i give it up..
Seems like a lawyer may be needed here!
if anyone can offer some guidance in this regard i might be able to help other than saying"not a chance-you have to provide all details of this estate sale money to the creditors in order to successfully go bankrupt"...which is all i know about it!
any replies would be much appreciated
Thanks for listening..

[keepsmiling]

Nobody here is going to tell you how to do anything illegal.

However, if your friend truly has nothing, perhaps he is collection proof and should reconsider filing til a later time.

Since he hasn't filed yet, he should be allowed to use the money to pay necessary living expenses. Or he may have enough exemptions to keep the cash. But, if he has stopped paying his other creditors, then the preferential payments could possibly be taken back by a tt.

Without a tad more info, it's hard to tell you much more.

[jonnycake]

thankyou for the reply,Smiling...

When one has a tiny pension to only look forward to and some cash in the hand as it were...hanging on to it can be understandable.

But under any rules that i've become aware of throughout this process,you ain't gonna get to keep it..
A lawyer will certainly make off with some of it,preferential paydown a lot of the rest..leaving not much more than proper bankrupcy expenses till discharge to eat up the remainder..
Just wanted to confirm and pass the info along....
thanks again for looking folks...

[ValleYum]

If he recently paid back these private, personal loans, a Trustee may try to get that money back for his BK estate. Perhaps if he is 'judgement proof', he needs to try to wait out until the lookback period for those payments has passed before he files a BK.

Also, if your friend does decide to use the good old United Bank of My Mattress, a Trustee will likely see how much $$ he received from the sale of his property and figure out that he has some $ stashed somewhere - this is their job and I am sure they all know the vast majority of the tricks by now.

I notice you are in BC - is your friend also in Canada? I am not sure about the ins and outs of a Canadian BK but no matter where your friend is he needs to discuss his situation with a BK attorney or attorneys to see what his best options for everyone are.

Best of luck to him and he should be happy to have such an awesome friend.