Legal Question in Bankruptcy in Virginia

Making a Deposit on a Place To Live

We will be filing bankruptcy (if the lawyers office ever decided to call back) ASAP as we know we're going to lose our home. We're fine with that since we can no longer afford to live in it. My questions are: Can we put a deposit on a new home (we would be renting) before filing? How much money are we allowed to have in the bank? We need our money to move (we're moving 1900 miles away from here)? I just don't want to break any laws, but would like to secure a new place to live. Thank you for your time. How long does it take to get into see a lawyer. The one I contacted has nothing but voice mail and it's been a week since I called them the 1st time and a couple days since I called the 2nd time. We need to do something FAST!


Asked on 7/01/07, 5:45 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Making a Deposit on a Place To Live

You can probably do it, but it will probably have to be included in your exemptions. You are "allowed" to have any amount in the bank, but if it's too much (combined with your other assets) you will have to turn it over to the trustee. If you have too much cash, there may be ways to prevent this, such as making payments towards secured or non-dischargeable debt (particularly tax debt), putting it in exempt assets such as 401k and IRAs, etc. If your lawyer has not called back, and you need to act fast, you may want to call another lawyer.

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Answered on 7/01/07, 9:50 am


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