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FOR PRACTICING (not retired yet) CONSUMER BANKRUPTCY EXPERT

Customer Question
ONLY PLEASE. Bankruptcy filed in state...
FOR PRACTICING (not retired yet) CONSUMER BANKRUPTCY EXPERT ONLY PLEASE.
Bankruptcy filed in state of California
Hi, just got my chp13 bankruptcy confirmed last week, I listed a retirement account amount of $55,000 which was exempted,
I would like to buy a house for $60,000 and use that funds plus $5,000, can i buy a house if i am in 13bankruptcy which will be discharged 4 yrs from now. or should i , will i have to ask permission from the trustee? i have not filed any homestead exemption (what is the max for California?)
thanks
Submitted: 7 years ago.Category: Bankruptcy Law
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Answered in 14 minutes by:
11/9/2010
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 7 years ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 20,193
Experience: B.A.; M.B.A.; J.D.
Verified

Thank you for giving me the opportunity to assist you. I encourage you to ask me for clarification, if you are not clear with my Answer.

 

Question: FOR PRACTICING (not retired yet) CONSUMER BANKRUPTCY EXPERT ONLY PLEASE. Bankruptcy filed in state of California Hi, just got my chp13 bankruptcy confirmed last week, I listed a retirement account amount of $55,000 which was exempted, I would like to buy a house for $60,000 and use that funds plus $5,000, can i buy a house if i am in 13bankruptcy which will be discharged 4 yrs from now.

 

Response 1: No, you cannot. Once you remove the money from your retirement account, the money is no longer exempt and can be seized by the Chapter 13 trustee.

 

or should i ,

 

Response 2: No, you should not, and you cannot because you would not have the money once you take it out of your retirement account.

 

will i have to ask permission from the trustee?

 

Response 3: Do not even bother. The trustee would not go for it.

 

i have not filed any homestead exemption (what is the max for California?) thanks

 

Response 4: CA Homestead is between $75,000.00 to $175,000.00 and can be found at Code of Civil Procedure Section 704.730(a)(1) to (a)(3)

 

Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 20,193
Experience: B.A.; M.B.A.; J.D.
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Customer reply replied 7 years ago
Thank you for your expert and very detailed response, I left a small tip ($10) for Starbucks coffee, do you guys receive them complete?
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 7 years ago

Thank you for the Accept and the Tip. No, we receive part of the Tip.

 

All the best,

 

 

 

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Customer reply replied 7 years ago
Just curious at what percentage of the tip does the lawyer gets, bec i sent about $40.00 tip already
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 7 years ago

As you guessed it, we are not allowed to disclose the terms of our compensation. However, rest assured that the Experts do get a share of the Tip and the share of the money paid for Answers.

 

Thanks again for your Accept and the Tip,

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Customer reply replied 7 years ago
okay, it's now moot
Ask Phillips Esq. Your Own Question
Phillips Esq.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 20,193
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