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My husband lost his job and is filing for disability. His

My husband lost his job...
My husband lost his job and is filing for disability. His mom died during this same time and left us with some cash. He needs this money to live on while he is waiting on disability. Also, he has a 401k thru his former employer. We've talked with a realtor about selling our home. No equity in home and it is looking like a short sale. What is the best advice you can give me about the funds that we will have to live off of and file bankruptcy?
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Answered in 19 minutes by:
7/19/2013
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

This is an unfortunate situation,

WALLSTREETESQ :

How much cash will he receive?

WALLSTREETESQ :

Under the bankruptcy rules, his disability and 401k will be protected,

WALLSTREETESQ :

however the bankruptcy Court can take cash received, so it would be best to delay the bankruptcy 6-12 months after receiving the cash from his mother.

WALLSTREETESQ :

Under Alabama law a debtor can protect up to $3000 in personal property or cash,. Ala. Code 6-10-6; 6-10-126, anything over that amount can be taken

WALLSTREETESQ :

If you file with your husband the $3000 would double to $6000

Customer:

What about his 401k?

WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Verified
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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
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Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS

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