There is no need for an apology. I am here to assist. If you have further questions after reviewing my answers here, do not hesitate to contact me.
Your follow-up questions:
I'm so sorry to have to write again...I really appreciate your help so far but just a couple more things:
How would we have to make it "exempt" in our bank account? Would it matter what it was spent on?
Response 1: If the money remains in your bank account on the day you file for bankruptcy protection, you must use the exemption available for you under your State's exemption scheme to exempt the funds. For Maine, you have to use the "Wild Card Exemption" to exempt funds in your bank account. Currently, this exemption is only $6,400.00. So, for instance, if have more than $6,400.00 in your account on the date of filing, you would have turn over the excess to the bankruptcy Trustee. For Maine Exemptions, click on the link below:
It does not matter what you spent on so long you do not spend it on luxury items such as faux coats or jewelries. You also have to wait to file for bankruptcy protection 90 days after you spent the money to avoid any preference issues. For instance, the bankruptcy Trustee may object to payments to creditors within 90 days of the bankruptcy filing; the Trustee would object to payments made to insiders /family members within one year of bankruptcy filing. So, be careful NOT to pay back loans from family members. See 11 U.S. C. Section 547:
And what if we waited to file for a period of time...as we aren't even sure when this will be filed, it's been taking so long. I'm so stressed about money right now I just want to take a loan and then wait to file, because we've already waited so long and there is still no information on what we even might qualify to do so.
So basically, although I do understand that you said it was not a good idea, in light of not knowing when we'll be able to file can you let me know if that changes things? I appreciate your help so much. Thank you.
Response 2: Yes, it changes things. See my previous response above.