Will A Trustee Take The Money Out Of A Checking Account Of A 501c3 Tax Exempt Organization In A Chapter 7 Bankruptcy?

[Burkett]

I will be going through a Chapter 7 bankruptcy in California. I am also the president of a 501c3 tax exempt organization that does charity work. I was told by an attorney that all checking account statments must be provided to him. Do I have to be concerned with the money that is in the 501c3 charitable organization that I am the president of when I file for a Chapter 7 bankruptcy?

[Cesario]

I do not know California BAnkruptcy laws as I do bankruptcy work here in Virginia, but if your name is on the checking account, I would think that it could be in danger from the Trustee if there is a lot in there ...talk to your lawyer about it ....he/she may think that a Chapter 13 would be in your best interest.

[Darrock]

gently does it Money is a very delicate area for many couples(including me when we first got married). A joint checking account for bills is probably a very good idea, while still keeping separate ones; you should have money that you don't have to account for, especially if you're both working. Set up an online bill pay account that you can both access, and bill paying will be a piece of cake.As far as saving, if you're saving for a house, and he just isn't in that head yet, open a totally separate savings account(even if it is under your name) and ask him to write regular checks into is, as you will.This way the effect is still the same; you're working for the downpayment, but it saves you more discussions about the mechanics of things. When he is eligible to open a 401, you could have the discussion again.When you have gotten some money into that account, you're going to want to look at some short term investment products(like CD's) that will give you more interest but not tie up your money for a long time. Many banks run intos or specials on certain CD's where you can increase the percentage a bit. Sources: http://askville.amazon.com/SimilarQuestions.do?req=Trustee+money+checking+account+501c3+tax+exempt+organization+Chapter+Bankruptcy newuser55820549 53 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Jerrold]

LglSec said: 1 I do not know California BAnkruptcy laws as I do bankruptcy work here in Virginia, but if your name is on the checking account, I would think that it could be in danger from the Trustee if there is a lot in there ...talk to your lawyer about it ....he/she may think that a Chapter 13 would be in your best interest. 54 months ago

[chavivi]

I would talk with your attorney. As laws change constantly and not knowing the exact circumstances surrounding your case, It would be prudent to speak to an attorney about your circumstances. I wish you luck with your case. Sources: My Opinion acekala 53 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Ascott]

As laws change constantly and not knowing the exact circumstances surrounding your case, It would be prudent to speak to an attorney about your circumstances. I wish you luck with your case.

[Rodolf]

Money is a very delicate area for many couples(including me when we first got married). A joint checking account for bills is probably a very good idea, while still keeping separate ones; you should have money that you don't have to account for, especially if you're both working. Set up an online bill pay account that you can both access, and bill paying will be a piece of cake.As far as saving, if you're saving for a house, and he just isn't in that head yet, open a totally separate savings account(even if it is under your name) and ask him to write regular checks into is, as you will.This way the effect is still the same; you're working for the downpayment, but it saves you more discussions about the mechanics of things. When he is eligible to open a 401, you could have the discussion again.When you have gotten some money into that account, you're going to want to look at some short term investment products(like CD's) that will give you more interest but not tie up your money for a long time. Many banks run intos or specials on certain CD's where you can increase the percentage a bit.