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I might be going into bankruptcy on my home, and have approximately

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$25,000 in charge offs on...
I might be going into bankruptcy on my home, and have approximately $25,000 in charge offs on credit cards. My issue is that I will be receiving a check in the sum of approximately $60,000.00 from a personal injury lawsuit within 3 weeks, from my county treasurer's office... What should I do with these funds??? Help!
Submitted: 6 years ago.Category: Bankruptcy Law
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Answered in 13 minutes by:
9/4/2011
Bankruptcy Lawyer: cfortunato, Attorney replied 6 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
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Hi JACustomer,
Are you concerned about protecting that money from your creditors, from the Bankruptcy court if you file a Bankruptcy, or both?
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Customer reply replied 6 years ago
I am probably going into foreclosure on my home, and have $25,000 in charge offs.
My issue is that I will be receiving a check from my county (Suffolk), NY, treasurer's office in the amount of approximately $60,000, from a personal injury lawsuit, within 2-3 weeks. What do I do with this check?

HELP!
Customer reply replied 6 years ago
Both...Please Email me Responses ASAP, Thanks
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 6 years ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 20,272
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: I am probably going into foreclosure on my home, and have $25,000 in charge offs.
My issue is that I will be receiving a check from my county (Suffolk), NY, treasurer's office in the amount of approximately $60,000, from a personal injury lawsuit, within 2-3 weeks. What do I do with this check?

Response: You need to deposit the check in your bank account as you would with any other check. You may want to open a new account and name the account personal injury recovery/payments. However, your bankruptcy filing should be postponed until you can spend down the money. Your personal injury payments are only exempt up to $21, 625.00, if you choose Federal Exemptions Scheme when you file for bankruptcy protection. See 11 U.S.C. Sections 522(d)(11)(D). If you are not claiming any homestead on your house, you can claim additional exemption of $11,975.00 using the Wild Card Exemption and Homestead Exemption Pour Over. See 11 U.S.C. Section 522(d)(5). If you decide to use New York Exemptions, you can only exempt up to $7,500.00 of your personal injury payments. See New York Debtor & Creditor Law Section 282 (3)(iii). When you file for bankruptcy protection, you have to decide whether to use the Federal Exemptions Scheme or New York Exemptions Scheme. You cannot choose both. Before, you can only choose New York Exemptions Scheme because New York opted out of the Federal Exemptions Scheme. However, eight months ago New York opted in.

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Customer reply replied 6 years ago
Relist: Answer quality.
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 6 years ago
I gave you a detailed answer with specfic citations to the relevant laws.

What is the issue that you have with my answer quality?
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Customer reply replied 6 years ago
I have had different opinions, one to do as you said, another to deposit into a Swiss account, Another to place it in the bank and withdraw <9999.00 per week, another said to just cash it. Is there any way that I can get around depositing it into an account and spend it down???
Please advise..
Thanks.
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 6 years ago
I have had different opinions, one to do as you said, another to deposit into a Swiss account, Another to place it in the bank and withdraw <9999.00 per week, another said to just cash it. Is there any way that I can get around depositing it into an account and spend it down???
Please advise..


Response: Unfortunately, no. The information that I gave you is the only legal way that I know that you can go about it.
Phillips Esq.
Phillips Esq., Attorney-at-Law
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