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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 19112
Experience:  B.A.; M.B.A.; J.D.
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I have a question about Chapter 13 bankruptcies. Suppose

Resolved Question:

I have a question about Chapter 13 bankruptcies.

Suppose someone has $20,000 cash in the bank and wants to file a Chapter 13.
There isn't a wildcard or cash exemption in Utah. As such, we could assume that filing a Chapter 13 would fail the "best interests of the creditors" test, correct?

Can someone file a Chapter 13 and keep this cash? Is there an exemption or plan that would allow the debtor to keep the cash and stay in a Chapter 13?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Phillips Esq. replied 5 years ago.
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.



I have a question about Chapter 13 bankruptcies.


Suppose someone has $20,000 cash in the bank and wants to file a Chapter 13.
There isn't a wildcard or cash exemption in Utah. As such, we could assume that filing a Chapter 13 would fail the "best interests of the creditors" test, correct?


Response 1: That is correct, unfortunately.


Can someone file a Chapter 13 and keep this cash?



Response 2: No, it is not possible. The Chapter 13 Trustee would demand that the cash be turned over to him or her.


Is there an exemption or plan that would allow the debtor to keep the cash and stay in a Chapter 13?



Response 3: No, there is none.

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