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FloridaBKlawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 11
Experience:  I have over ten years of experience in corporate and individual bankruptcy.
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I am planning on filing for bankruptcy. I have all credit card

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I am planning on filing for bankruptcy. I have all credit card debt and no assets. I am teaching myself about it in order to avoid paying a lawyer to do the paperwork for me. Through my research I found that it is suggested that I spend all money in my bank account right before filing because they will take it in order to give it to my debtors evenly. However, I am expecting around $4,000 from financial aid from my school. I need to use this money slowly over time to live off of. I do not want to bank to take it. Since it is financial aid for school, will they take it? I thought I might be able to sign the check off to my father so it is in his account, which he will then pay my living expenses with. Will this be ok? I read that if I was to pay off some personal loan right before filing they could take it from that person i paid and distribute it evenly to my debtors. Would they do this to my dad if I gave him my finanacial aid money? Is there a time limit I can do this in so that they will not take it? Any answers and suggestions would be greatly appreciated. Im a starving student and can't afford anything let alone paying a lawyer, so it would be great to do this on my own. Thank you.
Thank you for allowing me to assist you today. I would always suggest having a attorney, but if you can't afford it then the best advice I can give you is to not try to be tricky. Wait till the semester is over and file, when your money is gone. Don't transfer it, don't sign it to somebody else. Just don't pick up your next check from financial aid, until after you file.
Customer: replied 7 years ago.
Ok Thank you. If the check is in my posession but I do not cash it. Is that safe? And then I can cash it freely after I file? And do I have to wait until after the bankruptcy is complete or right when I file the paperwork I am safe to cash the check?
Technically, there is a section of your bankruptcy schedules which states "Cash On Hand" and if it is in your possession, you would be obligated to disclose it. Furthermore, if they now you are in school and you survive by loans, they are going to look at your bank statement and see why it has been placed in the bank. Don't play games with the trustees, unless you know what you are doing. After you file the petition you are entitled to keep the things you receive after (Generally). If you receive an inheritance within 180 days you are supposed to turn it over, if the funds originated prior to the petition date, personal injury or real estate commission. You see what I mean.
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