A common question I get this time of year is whether the trustee will take the debtor’s tax refund if he files for bankruptcy. The answer depends upon many factors. The Trustee has a duty to administer non exempt assets if those assets are worthy of administration. For a tax refund to be worthy of administration the [...]
cash
Cash and bank accounts (checking, savings, CDs) are property of your bankruptcy estate. You must provide your bankruptcy attorney with exact bank balances as of the date of your bankruptcy filing for all bank accounts. You can obtain this information over the Internet by logging into your account or by calling the bank. Knowing these [...]
Chapter 7 trustees are paid the small sum of $60 for administering each case. The real money a trustee makes is from finding and selling assets, and no asset is more favored than cash. According to the statutory formula, in addition to the paltry fee of $60 per case, Chapter 7 trustees are paid a [...]
I love the internet. I truly do. Why? Because it is an endless source of information, both good and bad and it forces you to think about what you are reading. That resource can be utilized to research almost anything. If you going to need to make a major purchase, you can use this resource [...]
Know the difference between ‘needs’ and ‘wants’. You want a flashy sports car, but you don’t need it. You need transportation to get back and forth to work, but you might not want that ugly Yugo. But a Yugo is all you can afford, so lay your eyes off that new Jaguar. It’s OK to [...]
