HAVE LEFT OVER REFUND.. SHOULD I BUY MY KIDS A Wii?

[sufferingAZ]

Hello everyone,
I stocked up on food, bought seriously needed clothes, paid lawyer and fixed the car. I still have money left over and have 2 weeks to spend it. I was thinking of doing the following.
1. Kids a Wii with a few games.. about 300.
2. A college course to become a Phlebotomist... 2000.
3. A weekend getaway for mommy and daddy for our anniversary...400.
Do you think this will be a problem???


Also I am missing my recipts for the kids clothes.. My darling sweet hearts tossed them in the trash. So as of now I can not show where 500. of it went. That I am sure is gonna be a huge problem!

[OhioFiler]

I would not worry about the missing receipts for clothing but blaming the kids is a bit trite.

Buying a Wii would be fine as are the other 2 items you list.

[goblue]

hijacking....

I am expecting $5100 from Federal and $500 from state. I just put down security deposit and paid rent for our new rental property to the tune of $4,600. Plus, we need to purchase a $500 wireless fence for the dogs. Do you think the trustee will have issue that we used that money for rent and the fence which is a necessity? My lawyer emailed a very vague response that makes me think we are OK in what we spent it on - but of course until my 341 meeting on March 9th - I'll worry!

Thanks! Glad you were able to get so much *needed* stuff (I would think a $300 Wii is very reasonable, but honestly I'm not sure how strict the can be!)

Good luck!

[BKDefender]

sufferingAZ & goblue:
Don't start your bankruptcy by blowing money, start it by saving money. Take a look at funding a Roth IRA. You can open a Roth IRA and fund 2009's contribution up until April 15th, and fund 2010's contribution before filing BK. You can fund $5k/person so you can sock away $10k (two spouses) to fund 2009's contribution and up to $10k to fund 2010's contribution.

I'm not sure what your state's exemptions are, but usually IRAs Roth IRAs, 401(k)s etc are exempt up to a certain amount (Nevada it's up to $500k.)

If that's the case, then you should open a Roth IRA at your bank, deposit the money there and list it as an exempt account. You'll lose 10% to penalties if you withdraw it before 5yrs but you'll keep it and not blow it just because you don't want to lose it.

--William

[logansdad]

Wii the kids are stressed too right now just sayin

[flyinbroke]

Wish I was expecting money; the IRS stands to demand a huge chunk of mine on top of what they steal, I mean deduct every payday. Wonder if that affects your means testing....

[Dannmcg357]

sufferingAZ & goblue:
Don't start your bankruptcy by blowing money, start it by saving money. Take a look at funding a Roth IRA. You can open a Roth IRA and fund 2009's contribution up until April 15th, and fund 2010's contribution before filing BK. You can fund $5k/person so you can sock away $10k (two spouses) to fund 2009's contribution and up to $10k to fund 2010's contribution.

--William

I was advised by my attorny to do this as my wife had 10k cash in CD's and Stocks that was left her by her mother. I was nervous about doing this as I read on hear that it will anger the Trustee and look bad etc. He assured me this would be ok to exempt this money like this. I file Monday and when we have our 341 well see. Hope the heck so! Were not hiding it, just trying to save it.