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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 12398
Experience:  JD, MBA
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I filed chapter 7 9 years ago. Currently out of work but do

Customer Question

I filed chapter 7 9 years ago. Currently out of work but do have some money coming in from renewal income from an insurance contract monthly. I have about $10,000 saved up but don't want to use it just to lose it paying bills while I look for work. Can I file chapter 7 or 13 with that much savings in the bank?
Submitted: 2 months ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 2 months ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.

You can file for bankruptcy even though you have $10k in the bank. However, the bankruptcy trustee would be able to take a large portion of it. The Florida bankruptcy exemptions allow you to protect about $4000 of that money. The other $6000 can be taken and paid to creditors. So while you can file for bankruptcy, it would be costly.

Does that answer your question(s)? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, please remember to provide a positive rating via the stars (and note that your positive rating is the only way that I'll get credit for helping you, so it is much appreciated!). Thank you. :)

Expert:  TJ, Esq. replied 2 months ago.

Hello again. I didn't hear back from you, and you haven't yet rated me, so I'm just checking in to make sure that you don't need more help on this issue.