Q: Senior citizen filing bankruptcy. Have no assets. Can I withdraw my Checking" account money?
A: Well, if you have money in a checking account, then you do have assets. If you're withdrawing $20,000 to give to your child as a gift then no, and a Trustee would sue your child. But if you're withdrawing $20 to buy groceries, that's fine. Certain assets (and you absolutely have assets) are exempt from creditors. However, once you transfer them, they are no longer exempt. This question is very fact specific. You have to speak to your attorney or retain an attorney.
Terrence H Thorgaard agrees with this answer
A:
This likely depends on how much money you are attempting to withdraw. While normal living expenses may be okay, larger amounts may be subject to the estate, causing the trustee to reclaim the money from the person or entity you gave it to. Regardless of the amounts, be prepared to explain "out of the ordinary" purchases/withdrawals during your 341 hearing.
I recommend contacting a few local attorneys who practices in this field. Discuss the matter with them, and don’t be afraid to ask specific questions. They will likely provide meaningful answers for you during the consultation. Best of luck, I hope you get the answers you are hoping for!
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