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Roger
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Category: Bankruptcy Law
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Going through a chapter 11 and my attorney is unsure if i am

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Going through a chapter 11 and my attorney is unsure if i am able to use the rental income excess from one of my 2 rental properties. He says i need to leave it in the separate account created for that property. The lender is up to date on all payments and has been since before the BK was filed. Is there any reason i could not use the income that is left over after the mortgage, ins. etc. is paid? Could my trustee answer these types of questions? My attorney is inexperienced with chapter 11. thanks
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Roger replied 1 year ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney.

You should have the ability to use the money to keep your business in operation. However, you will have to report the income in your monthly operating reports.

Also, yes, you can discuss this issue with your trustee to make sure that you're in compliance with all requirements.

Here's a good link about how chapter 11 plans work: http://www.nolo.com/legal-encyclopedia/new-jersey-inheritance-tax.html

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26390
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
Roger and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.


thanks. this came up because i paid the quarterly fees out of that rental property account and it is on the monthly operating report, but he wants me to "gift" the money for my folks to pay it back. Do we have to file some kind of motion to use that money? I'll have him talk to the trustee. I already feel disloyal asking quetions here, but the money is so tight, i really need it. thanks again.

Expert:  Roger replied 1 year ago.

I don't think you need to file a motion for permission to use the money. The money is part of your business income and should be reflected in your monthly operating reports. But, I don't think there is a requirement for another step to take in order to be able to use the money.

I would just clear what you're doing with the trustee and leave it at that/and reflect it in your monthly operating reports.

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26390
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
Roger and 3 other Bankruptcy Law Specialists are ready to help you

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