Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Any money in the bank account at the date of filing is an asset of the bankruptcy estate. If you have available exemptions, you can exempt a portion of this to protect it. If not, the trustee can use it to pay your creditors in the bankruptcy case.
You should review the available exemptions in bankruptcy, and perhaps your attorney can file an amended Schedule C to protect some of the cash. It doesn't matter where the cash came from, if it's in the account when you file, it's subject to liquidation if it isn't exempt.
If the trustee permits an amended exemption, they may return that portion.
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