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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am in chapter 13 and want to ask a question about small lottery

Resolved Question:

I am in chapter 13 and want to ask a question about small lottery winning less than $2000.00 illinois
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

cfortunato :

Yes - please ask your question.

Customer:

I am in chapter 13 and want to know , what if I won a small amount in lottery 1900.00 range , what to do ? I am in illinois

Customer:

are more what will happen if I were to claim it?

cfortunato :

Everything you obtain while your Chapter 13 is in progress becomes part of your Bankruptcy estate.

Customer:

I have not had a chance to talk to my attorney yet, but do remember him saying that if I was to get a small windfall that they might be able to get me to keep it. I know I have to let them know, just hate to finally luck out a bit and loose it all

cfortunato :

This means that unless you are paying 100% to your unsecured creditors, or if you can apply an exemption to the money, you would have to surrender the money to the Bankruptcy trustee.

Customer:

I am in my 2nd year of chapter 13

Customer:

it is less than 100% I am pretty sure

Customer:

an exemption to the money?

cfortunato :

You are able to keep up to a total of $4,000 for any property - including money, as this is the exemption amount.

cfortunato :

So how much, if any, of the $1900 you would be allowed to keep would depend on the value of your other assets.

Customer:

even this far into the process? my attorney closed the local office and it's an hour away now and hard to get ahold of anyone

cfortunato :

You don['

Customer:

the state would take 30% tax right off the bat also where does that count in the process?

cfortunato :

You don't have to go to your attorney's office.

Customer:

no, but calling them to get an answer to anyone has really went down hill since the closing of the office

cfortunato :

If the state takes 30%, that means you only have to account for $1330.

Customer:

I wondered that, pretty sure they take their cut right away. I would then let my attorney know I got a $1330 payout, it would all have to go on my tax record anyway so it would show on my return next year also.

cfortunato :

If you cannot get a response from your attorney's office, consider calling him at home.

Customer:

i don't have his home number when we started the chapter 13 process we had a local office that attorney was laid off, had to talk to another one same office, that one is gone now and they switched all records to another town an hour away. The attorney was not at my hearing but had a rep from another firm I never talked to handle the court time

Customer:

best I can get is a para legal that seems to be way overworked , she was suppose to check something for us 12-26 with trustee and has yet to do so over payments being less than needed. We have called her 3 X since 12-26

cfortunato :

You can call the trustee yourself.

Customer:

I have called them before they always answer , but can only say so much. I know the lawyer brought this problem up in our office visit before the actual start of chaptor 13 and was saying he might be able to get us to keep it all, that is really what I am wondering about if that is possible in Illinois?

Customer:

I acutally like the trustee more than the attorney since the office move

Customer:

but they can't give me advice they said

cfortunato :

I understand.

cfortunato :

You can keep the entire $1300 if the total value of your other assets was less than $2700.

Customer:

I live on a small farm and have asset's that I am paying for with the trustee and tried to keep my listing's low like attorney suggested but probably have 4,000 in asset's listed I am not 100% on that though right now

Customer:

I am thinking that the 1300 would go to trustee, I am sure my payment needs adjusted but was the problem I am having getting the para legal to check into. they say I am behind 2400 in one year which is crazy, she has not checked on it since november and we been checking over and over since dec with her on this.

Customer:

trustee state's that I have been making regular payments every 2 weeks since the start of the process, para legal says they claim they have not gotten november's payments, trustee say's different not sure what to do with the lottery ticket now with that going on

cfortunato :

Please let me know if there is anything else I can help you with.

Customer:

just was wondering what to do with the lottery ticket really, you helped as much there as you can it seems. I am going to sleep on it so might have a question in the morning, will do the rating thing then also. I thank you for your time

cfortunato :

Good night!

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 4 other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

Thanks Chris, sorry for the delay I had to make a sudden trip out of town.


thanks again.. Randy

Expert:  cfortunato replied 1 year ago.
You're welcome!
And thank you for the positive rating!

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