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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15666
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am in the process of filing an individual chap 13 bankruptcy.

Resolved Question:

I am in the process of filing an individual chap 13 bankruptcy. My daughter is getting married next April. I have a small investment account worth about 7k. Would I be allowed to liquidate that account to help her pay for wedding expenses without the trustee's approval?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 1 year ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

I would liquidate the account prior to the chapter 13 if possible, to do it during the chapter 13, would be an issue, as creditors can try to attach the money spent,

WALLSTREETESQ :

If you are already in a chapter 13, trustees permission would be required,

Customer:

how open are trustees to non-emergent, family-oriented, supposedly once in a lifetime events?

WALLSTREETESQ :

They do not care,

WALLSTREETESQ :

their interests are with the creditors,

WALLSTREETESQ :

if your chapter 13 plan is less then 100%,

WALLSTREETESQ :

the creditors could argue they should receive the funds,

WALLSTREETESQ :

Another option is to make the withdrawl,

WALLSTREETESQ :

before you file, and if it comes up put the 7K in your chapter 13 plan, and pay it to the creditors over 60 months,

Customer:

so basically any assets that I keep, eg investment account, IRA, etc. are frozen until I fulfill my 3 yrs of payments

WALLSTREETESQ :

I would not say frozen, but if the trustee or creditors are aware, it will be an issue,

Customer:

My plan is already in process, my first court date is end of this month, my first plan payment has already been made ---- any suggestions?

WALLSTREETESQ :

If you want to use it for the wedding, consider using it now, before confirmation, and

WALLSTREETESQ :

if the trustee has an issue, advise him you will repay the creditors the 7000 over the 3 year or 5 year plan, that may be best,

WALLSTREETESQ :

Since confirmation has not happened yet, you do not need permission

Customer:

would it change my already determined monthly payment? I have a good job, so my payment is high -- $3600/mo

WALLSTREETESQ :

it may add $195 a month, if you only do a 36 month plan

WALLSTREETESQ :

Another option is to withdraw and refile in a few months

Customer:

My husband who is not the girls father, is not included in the bankruptcy. He solely owns the home we live in, and it is paid off. Would it be better to have him get a mortgage and ask the trustee to refigure the payment with the mortgage payment added to the schedule J expense record?

WALLSTREETESQ :

You can do that, however, you may need to withdraw the bankruptcy and refile as this will take time.

Customer:

Withdrawal and refiling, I expect, will cost additional legal fees --- could you give a ballpark estimate?

WALLSTREETESQ :

In terms of legal fees it would be what you paid for the first, and filling fees of $300

WALLSTREETESQ :

whatever payment you made to the trustee would come back to you

Customer:

If my husband's income changes, do I have to report it to the trustee since they look at household income?

WALLSTREETESQ :

yes, as household income is used if his income increases significantly the change must be added,

Customer:

that is all I have right now --- thank you for your help

WALLSTREETESQ :

Good luck, and if you have any further questions please do not hesitate to ask.

WALLSTREETESQ :

Thank you

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15666
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Expert:  WALLSTREETESQ replied 1 year ago.
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