I AM PLANNING ON FILING CH 7 BK. I SHORT SOLD MY HOME AND I AM SELLING 2 PROPERTIES THAT WILL NET ME $150k. CAN I PUT THIS MONEY INTO A NEW HOME.

I AM PLANNING ON FILING CH 7 BK. I SHORT SOLD MY HOME AND I AM SELLING 2 PROPERTIES THAT WILL NET ME $150k. CAN I PUT THIS MONEY INTO A NEW HOME THAT I PURCHASE ON A WRAP/CARRYBACK . I OWE $100K IN CONSUMER/LOC DEBT. MY INCOME IS $60K YEAR. I HAVE A LAWYER BUT I DON’T THINK HE HAS EVER ENCOUNTERED THIS SITUATION BEFORE. PLEASE HELP.

Asked on June 16, 2009 under Bankruptcy Law, Arizona

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Well what kind of lawyer do you have? A bankruptcy attorney and he has never encountered a situation wherein a client has that many assets, hasn't purchased a home cash and now wishes to not use this money towards paying off debts?  Hmmmm, guess what?

You have assets wherein if you attempt to hide them may be something the trustee can take.

Review the following and get yourself a new lawyer.  Try www.attorneypages.com and check his or her record at the Arizona State Bar.

https://bankruptcy-law.freeadvice.com/consumer_bankruptcy/shelter_property_bankruptcy.htm

https://bankruptcy-law.freeadvice.com/consumer_bankruptcy/car_bankruptcy.htm

https://bankruptcy-law.freeadvice.com/consumer_bankruptcy/


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