OK, big question. I sold my motorcycle about two weeks ago. All of my bk paperwork is ready at the lawyer's office. I will most likely sign and file next week for my ch7. My lawyer told me that I could spend some of the money on home, etc. that I will be keeping. I need a new central heat/ac system. Mine is about 7 years old and costing me over $235 month in power bills. The unit still runs ok, for now, but is struggling to keep up. I had a couple of quotes on a new system. Both suggested an upgrade in size, because when my house was built, they used the bare minimum cheapest system. The best quote I had was $5700! Will this throw up a big red flag to the trustee? I need the system replaced, but not if it will cause me to have problems with my bk case. Please help with any advice or experience you may have in this area. Thanks.....
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It sounds like a reasonable expense. Perhaps keep copies of your high utility bills on hand, and the quotes showing what the pros recommending for it. From what I've read/heard, you can make reasonable purchases-just keep records to show where the money went.
Originally posted by swiminindebtMost of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision. -
We got our income tax about a month before we filed. The trustee asked us what we did with the money and I told him we paid our winters fuel bill, paid property taxes, etc. with the money. He seemed satisfied and didn't ask us anything else about the money. We did keep our receipts etc. (some of it also went to repairs to our home that was not covered by insurance) Have your documentation. Especially with the price of fuel now, it would be the wisest move you could probably make. You have to have heat. Also what is the equity in your home, make sure that the upgrade doesn't go over what you are allowed for the exemption.
Again, your attorney is your best counsel.
I'll be watching, you may never know when or how, but I'll be there. I am there now....
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Records are the best.
I received a loan for my father 15,000 and just need to give the truste a list of how i spent the funds. All was fine I did get a little stressed over it but in the end it was just all for not.
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Thanks for all the input. I spoke with my lawyer and got the thumbs up to go ahead. It is a reasonable expedature and I have several quotes form different companies for the work. ThxComment
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