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    #1

    Will they take this?

    I am moving to Australia and then filing bankruptcy three to four months after I arrive in Australia. The reason I am filing is I am getting a divorce and my home has a negative balance and will forclose. The problem I have is that in the divorce settlement I will receive cash in bank account of about $50,000 but I will not have a job in Australia for at least 4 months. I made too much money in USA so attorney advised to live off cash so that I could file Ch 7. I am not going to have any furniture...if II purchase household items in that 4 months will I have to give them up? Also if I have no job and file BK and look for work but not find something straight away I would need to use my cash to live on. What will happen because I when I file I will have more money in the bank than when I meet with the trustee.
    Also I have a 401 k and stock options; can I transfer these to an IRA or my new companies 401K so that I can keep them? I think they are exempt but not sure because I have to transfer them...is an IRA looked at differently from a 401K.
    Thank you for your time. I appreciate it.
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    #2
    I am not sure what the laws are in Austrilia for filing BK is. If you file BK in the US, you'll have to attend a meeting of creditors / ect. Depending on the state you file in will determine how much exemptions your allowed. If you have 50K in cash, your going to lose a great deal of that money. Furnature and such in most states are exempt to a certain amount. So, if you go out and buy 50K in furnature, you'll probably end up giving some of it back. Is there any good reason to file now with so much money in the bank?

    In the US, 401's are protected.
    Chapter 13 Filed 4/03/06 :blink: 341 Meeting Complete 5/11/06 :yes2:
    Plan Confirmation 6/16/06 :yahoo:
    Discharged: 1/5/2010 :yahoo::yahoo::yahoo::yahoo:

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      #3
      At the moment I am still living in CA. My home has a negative balance of over $50,000. I want to move back to Australia to my family. I see no point in continuing to live here and pay a mortgage since selling the home is impossible. I would rather leave now, use my funds to get set up in Australia and file. I know I will have to give some of the money to the trustee.

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        #4
        Do you know if IRA's are protected? I am filing in CA.

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