How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Phillips Esq. Your Own Question
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 18799
Experience:  B.A.; M.B.A.; J.D.
16551887
Type Your Bankruptcy Law Question Here...
Phillips Esq. is online now
A new question is answered every 9 seconds

FOR PRACTICING (not retired yet) CONSUMER BANKRUPTCY EXPERT

Resolved Question:

FOR PRACTICING (not retired yet) CONSUMER BANKRUPTCY EXPERT ONLY PLEASE.
Bankruptcy filed in state of California
Hi, just got my chp13 bankruptcy confirmed last week, I listed a retirement account amount of $55,000 which was exempted,
I would like to buy a house for $60,000 and use that funds plus $5,000, can i buy a house if i am in 13bankruptcy which will be discharged 4 yrs from now. or should i , will i have to ask permission from the trustee? i have not filed any homestead exemption (what is the max for California?)
thanks
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 6 years ago.

Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

 

Question: FOR PRACTICING (not retired yet) CONSUMER BANKRUPTCY EXPERT ONLY PLEASE. Bankruptcy filed in state of California Hi, just got my chp13 bankruptcy confirmed last week, I listed a retirement account amount of $55,000 which was exempted, I would like to buy a house for $60,000 and use that funds plus $5,000, can i buy a house if i am in 13bankruptcy which will be discharged 4 yrs from now.

 

Response 1: No, you cannot. Once you remove the money from your retirement account, the money is no longer exempt and can be seized by the Chapter 13 trustee.

 

or should i ,

 

Response 2: No, you should not, and you cannot because you would not have the money once you take it out of your retirement account.

 

will i have to ask permission from the trustee?

 

Response 3: Do not even bother. The trustee would not go for it.

 

i have not filed any homestead exemption (what is the max for California?) thanks

 

Response 4: CA Homestead is between $75,000.00 to $175,000.00 and can be found at Code of Civil Procedure Section 704.730(a)(1) to (a)(3)

 

Phillips Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Thank you for your expert and very detailed response, I left a small tip ($10) for Starbucks coffee, do you guys receive them complete?
Expert:  Phillips Esq. replied 6 years ago.

Thank you for the Accept and the Tip. No, we receive part of the Tip.

 

All the best,

 

 

 

Customer: replied 6 years ago.
Just curious at what percentage of the tip does the lawyer gets, bec i sent about $40.00 tip already
Expert:  Phillips Esq. replied 6 years ago.

As you guessed it, we are not allowed to disclose the terms of our compensation. However, rest assured that the Experts do get a share of the Tip and the share of the money paid for Answers.

 

Thanks again for your Accept and the Tip,

Customer: replied 6 years ago.
okay, it's now moot