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.

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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 14 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/


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption