Cash in Virginia
New to the Forum, seems very helpful so I thought someone may be able to answer my question.
Had my 341 meeting today. Trustee enquired about the amount of cash I had listed in Checking/Savings on the Assets schedule. Stated that I had it exempted by the wrong law and that I had 5 days to correct it or he wanted a check for the amount listed ($1082). I was being honest about what was in there when I filled out the forms, but in reality, this amount is out of the ordinary. I had received a Stafford loan for school and this jacked up my balance. Normally, there is only $150-$300 in there at any given time. Now, I need to figure out how I can exempt this, because the money is no longer there (used for school, obviously) and he's expecting a check in 5 days. Does anyone know what exemption I can use in Virginia? I had it under 34-13 (VA Stature) for In Lieu of Homestead, which I assumed meant that instead of claiming a homestead exemption (because you did NOT have a homestead) you could claim $5000 of anything else. Can he even ask for this because it is government loan money and can only be used for educational expenses???? PLEASE HELP!!! Thanks!
Had my 341 meeting today. Trustee enquired about the amount of cash I had listed in Checking/Savings on the Assets schedule. Stated that I had it exempted by the wrong law and that I had 5 days to correct it or he wanted a check for the amount listed ($1082). I was being honest about what was in there when I filled out the forms, but in reality, this amount is out of the ordinary. I had received a Stafford loan for school and this jacked up my balance. Normally, there is only $150-$300 in there at any given time. Now, I need to figure out how I can exempt this, because the money is no longer there (used for school, obviously) and he's expecting a check in 5 days. Does anyone know what exemption I can use in Virginia? I had it under 34-13 (VA Stature) for In Lieu of Homestead, which I assumed meant that instead of claiming a homestead exemption (because you did NOT have a homestead) you could claim $5000 of anything else. Can he even ask for this because it is government loan money and can only be used for educational expenses???? PLEASE HELP!!! Thanks!
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