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Attorney2020
Attorney2020, Attorney
Category: Bankruptcy Law
Satisfied Customers: 884
Experience:  I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
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I needed to use $3100 dollars for personal reasons while in

Resolved Question:

I needed to use $3100 dollars for personal reasons while in chapter 11 and did not get authorization
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Attorney2020 replied 1 year ago.

Attorney2020 :

Hello:

Customer:

hello

Attorney2020 :

Under a Chapter 11 business bankruptcy, you can take a reasonable salary and use it for personal expenses. Howev\er, you cannot skim off the top and use money that was intended for creditors for personal reasons such as vacations etc.. If the trustee catches wind of this activity may cause a inquiry into bankrupcty fraud.

Attorney2020 :

I hope this helps.



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Customer:

Yes I am aware of this, and since i am doing MOR it will show up. I took it upon myself to visit some customers and quietly explain our current chapter 11 situation face to face.

Attorney2020 :

Then you should be fine. 3100 dollars is not an unreasonable amount to take as a salary/compensation. I would not think too hard about this issue.

Attorney2020 :

Please remember to rate my answer. I will gladly continue our discussion until you have gotten the information you need.

Attorney2020, Attorney
Category: Bankruptcy Law
Satisfied Customers: 884
Experience: I am a practicing attorney. I have experience in business law, real estate law, bankruptcy and estates.
Attorney2020 and 3 other Bankruptcy Law Specialists are ready to help you

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