Please help me spend this money.....$50k

[backtoschool]

seriously you all this is no joke.

Look this is a huge upset to me. I worked my butt off for this company, and I never thought they would get bought out. I am not losing my job.

My wifes breast reduction is a medical issue, the breasts hurt her back, but its very difficult to get through the insurance company but I will try. She is already having a double hip replacement this year and carpel tunnel surgery so I mean she has enough surgeries on her plate.

My lawyer told me NOT to put any to IRA......he said that would not go over well, same with the mortgage principal paydown.

I am not saying 50k would not make a dent in my debt, it would. But it would not fix it so I dont have to file. I have an upside down house, and alot of unsecured, so 50k does not fix the situation.

I thought about gambling it to try to get more money to pay my creditors, but my lawyer told me that was a bad idea, to just spend it.

I am a manager, so new suits and some shoes would cost some $$$ but last me another 5-10 years or more. I could chance a few items I need for the house, I dont know, he said to email him a list of things before I bought them.

If anyone has been in this situation, please let me know what you did. Its not a good situation to be in. My company payout was a once in a lifetime thing for me, it was going to be a big thing for me, and now it will just be the biggest upset.

I understand that you are upset Signal. But I simply do not see how you are going to buy $50k of goods and services without incurring the wrath of the trustee. That is a LOT of money to try to spend as discretionary income in a year or so. I think you are going to have to let some of it go. Just my opinion....

[Clouddancer]

seriously you all this is no joke.

Look this is a huge upset to me. I worked my butt off for this company, and I never thought they would get bought out. I am not losing my job.

My wifes breast reduction is a medical issue, the breasts hurt her back, but its very difficult to get through the insurance company but I will try. She is already having a double hip replacement this year and carpel tunnel surgery so I mean she has enough surgeries on her plate.

Has your wife seen a chiropractor about her wrist? My wife had what some Doctors thought was carpel tunnel and she went to her DC and she adjusted a bone in the hand and within days her pain went away. I think she also changed the way she did some things with her hand as well which probably helped on re-occurrence. Don't know if that helps or not but I thought I would mention it.

[Faust]

I am sorry, I didn't mean to be disrespectful. I do feel your pain and I have no suggestions.

Sorry.

[signal]

seriously you all this is no joke.

Look this is a huge upset to me. I worked my butt off for this company, and I never thought they would get bought out. I am not losing my job.

My wifes breast reduction is a medical issue, the breasts hurt her back, but its very difficult to get through the insurance company but I will try. She is already having a double hip replacement this year and carpel tunnel surgery so I mean she has enough surgeries on her plate.

My lawyer told me NOT to put any to IRA......he said that would not go over well, same with the mortgage principal paydown.

I am not saying 50k would not make a dent in my debt, it would. But it would not fix it so I dont have to file. I have an upside down house, and alot of unsecured, so 50k does not fix the situation.

I thought about gambling it to try to get more money to pay my creditors, but my lawyer told me that was a bad idea, to just spend it.

I am a manager, so new suits and some shoes would cost some $$$ but last me another 5-10 years or more. I could chance a few items I need for the house, I dont know, he said to email him a list of things before I bought them.

If anyone has been in this situation, please let me know what you did. Its not a good situation to be in. My company payout was a once in a lifetime thing for me, it was going to be a big thing for me, and now it will just be the biggest upset.

[Faust]

I need a new computer.

[LimpDisc]

Go green

Tankless water heater - $4000

Energy efficient furnace and\or AC Unit - $3500 each (guessing)

Does your house need painting? $3000+

Replace the carpet.

Does your house need a new roof?

[jribe]

that's not a very nice thing to say..

This particular poster has presented this situation before; and has posted of knowing he would be receiving a severance.

Just sounds like bad timing to me..

Ok here we go.

You seem distraught with your financial woes.

The things i would like to say however, is this a joke?

[gogetter76]

Ok here we go.

You seem distraught with your financial woes.

The things i would like to say however, is this a joke?

[jribe]

unless you push your BK out a few years; you can't spend 50k on "necessities" and not expect the trustee to want the money back.

You could max your IRA contributions (if you're 55 or older, there's a "catch up" contribution), I believe it's $5,500 this year -please consult IRS guidance
- so that's 11k.

You could reasonably prepay your property taxes and a few months of mortgage
$5000-10,000?
(be careful of excess equity issues here)

You could prepay your medical premiums - assuming you're no longer employed and won't have coverage?
Est. 3-5,000?

I don't think a breast reduction would count; unless it's "medically necessary" - then it should be covered by insurance anyway

You may get away with $2,000 in clothes spending for the two of you

Needed home repairs? $3-4000?

Don't count on the education being allowed for the wife either..

You could go on a vacation, but not right before you file...

So there's probably at least $30,000 to spend.

Again though, you won't be able to file in March and not have this looked at. You'd need to wait awhile...

Good luck

I am planning for BK, and was going to file in March. But my company was bought out and I was left with about $50k in money that has fell in my lap as a result, this is additional money to my income.

I consulted with my attorney who says we cannot use it to pay down my mortgage (florida), which is unfortunate as I was hoping to get a better interest rate and it would have really been nice.

He says just spend it, live your life. That's not so easy. Obviously this is going to push my BK out, but I don't know that I can come up with the smartest things for this. Some will have to go to items that may get taken, there is nothing I can do about that. Some things I thought of:

medical (my wife was thinking of breast reduction surgery for example)
vacation (a regular vacation)
lawyer ( I still owe him $4k)
pet medical (need annuals plus grooming)
education (maybe wife gets some education in a skill?)
repairs (wifes car needs brakes)
pre-pay insurance premiums?
prescription sunglasses
clothes (some new suits, shirts, etc, not sure how much I could go here without it being a problem)
x-mas, b-day gifts (he said no more than $200 to any single person)

Please any advise, help me think of things, it really sucks that I can't do anything with this meaningful. Its not enough to bring me out of BK, so even if I paid 100% of it to creditors it would still leave me in a situation where I need to file.

Signal

[backtoschool]

I am planning for BK, and was going to file in March. But my company was bought out and I was left with about $50k in money that has fell in my lap as a result, this is additional money to my income.

I consulted with my attorney who says we cannot use it to pay down my mortgage (florida), which is unfortunate as I was hoping to get a better interest rate and it would have really been nice.

He says just spend it, live your life. That's not so easy. Obviously this is going to push my BK out, but I don't know that I can come up with the smartest things for this. Some will have to go to items that may get taken, there is nothing I can do about that. Some things I thought of:

medical (my wife was thinking of breast reduction surgery for example)
vacation (a regular vacation)
lawyer ( I still owe him $4k)
pet medical (need annuals plus grooming)
education (maybe wife gets some education in a skill?)
repairs (wifes car needs brakes)
pre-pay insurance premiums?
prescription sunglasses
clothes (some new suits, shirts, etc, not sure how much I could go here without it being a problem)
x-mas, b-day gifts (he said no more than $200 to any single person)

Please any advise, help me think of things, it really sucks that I can't do anything with this meaningful. Its not enough to bring me out of BK, so even if I paid 100% of it to creditors it would still leave me in a situation where I need to file.

Signal

In all honesty, only you know what you need to buy. Going on an expensive vacation while not paying your creditors is only going to cause rancor and possible AP's when you do file.

There is no way you can spend $50,000 on "necessities" in a short period of time. I would suggest paying what you can to medical and household necessities, home repairs and automobile necessities, etc, and then max out your ira contributions and let the rest go. It will be almost impossible to hold onto and/or spend all of that money without incurring the suspicion of the trustee and the wrath of your creditors.

[liboton21]

I got zero balance both checking and saving filing BK7 Wednesday, an extra cash thru Western Union would help. LOL!!!!!

[lindsay2181]

Yep, I've got some stuff you can spend it on lol.

[ecsclb1724]

wow how much unsecured debt do you have that 50K wouldn't put a dent in?

[OhioFiler]

I'd be more than happy to help you spend the $50K! You need my address?

[ForumReader]

I am planning for BK, and was going to file in March. But my company was bought out and I was left with about $50k in money that has fell in my lap as a result, this is additional money to my income.

I consulted with my attorney who says we cannot use it to pay down my mortgage (florida), which is unfortunate as I was hoping to get a better interest rate and it would have really been nice.

He says just spend it, live your life. That's not so easy. Obviously this is going to push my BK out, but I don't know that I can come up with the smartest things for this. Some will have to go to items that may get taken, there is nothing I can do about that. Some things I thought of:

medical (my wife was thinking of breast reduction surgery for example)
vacation (a regular vacation)
lawyer ( I still owe him $4k)
pet medical (need annuals plus grooming)
education (maybe wife gets some education in a skill?)
repairs (wifes car needs brakes)
pre-pay insurance premiums?
prescription sunglasses
clothes (some new suits, shirts, etc, not sure how much I could go here without it being a problem)
x-mas, b-day gifts (he said no more than $200 to any single person)

Please any advise, help me think of things, it really sucks that I can't do anything with this meaningful. Its not enough to bring me out of BK, so even if I paid 100% of it to creditors it would still leave me in a situation where I need to file.

Signal

Perhaps you could pay your creditors equally (not preferred over one another) for several months and then stop paying them and time it wisely not to use them when you are ready to file. Purchase basic necessities to stock up and take care of medical and health related expenses. If you can do this you could file BK at a much later date instead of filing in March. Would this help?