Can you keep money gained prior to a Chapter 7 bankruptcy?

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Can you keep money gained prior to a Chapter 7 bankruptcy?

My mother is retiring and is “cashing out” her vacation hours from work. She will be filing bankruptcy a month after getting the large amount of money (approximately $7000). Is she able to use that money or will she lose it to the bankruptcy? She needs the money for a place to live due to her losing her home.

Asked on May 11, 2012 under Bankruptcy Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Assuming that your mother qualifies for a Chapter 7 bankruptcy filing and receives an actual discharge, in all likelihood she will be able to keep some portion of the $7,000 that you have written about. The problem with answering your question is that I do not know the amount of debt versus assets she owes and the number of creditors that could be contesting her intended bankruptcy filing.

I suggest that your mother consult in person with a bankruptcy attorney about the pros and cons of the intended filing she desires.


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