Insurance Check While in Chapter 7

[killagruv]

I was recently in an accident where I hit a dear. Geico totaled my car and cut me a check. The car was exempted by the Trustee and I was wondering if I could use the money to buy another car or do I have to turn it over to the trustee.

[FilingOnMyOwn]

Did you already have your 341? If so, I would let the check sit and wait til your discharge. If nothing is said to you and your discharge goes through, THEN cash it, and do whatever you like with it.

[bkfiler]

we have no idea what phase of the bk process you are in.

also, the trustee doesnt exempt your things - you do. is that what you mean?

more then likely that money can be used to buy a car without a problem. its a good question. if you dont have enough wildcard to exempt that cash then i wonder if he would do that now that you have the cash.

i doubt it.

[killagruv]

I had my 341 on 11/23/05 and my discharge was actually supposed to be 1/23/06 but after checking pacer it still shows it as being open.

[FilingOnMyOwn]

Well then, you will know soon enough! If pacer doesn't update by tomorrow, you could call the clerk and ask if its discharged. If so, then you are good to go.

[killagruv]

Also, does the discharge occur on the last day for filing objections. 1/23/06 is actually my last day for filing objections.

[FilingOnMyOwn]

It can and usually does happen later depending on how backed up the court is. Might take 1 day, 1 week. But I would just wait another day and if it doesn't show then call and ask.

[StaciMM]

REgarding the car that was totalled-was the trustee interested in extra equity? (I'm assuming you had equity since insurance paid you for it.)

[killagruv]

No, the trustee was not interested in any equity.

[bkfiler]

chances are the trustee wont know and then wont care based on what i read. how much of the car did you claim in exemptions and how much more then that amount did you get in a check?