Santee, CA asked in Bankruptcy for California

Q: I had my meeting with trustees 30 days ago. I put some money from my savings which was protected and bought stocks

Will this affect my bankruptcy. It was 800 dollars worth

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3 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: No. Should not affect your bankruptcy.

Aaron Michael Lloyd and Peter Maurice Lively agree with this answer

Harlene Miller
Harlene Miller
Answered
  • Bankruptcy Lawyer
  • Irvine, CA
  • Licensed in California

A: It should not have any effect on your case. I also suggest you talk with your own bankruptcy attorney. If you filed without an attorney, and have more questions about this matter, locate an attorney from this site or near you for additional information.

Aaron Michael Lloyd agrees with this answer

Aaron Michael Lloyd
Aaron Michael Lloyd
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Redlands, CA

A: You should be ok with doing that (I am assuming you are in chapter 7 bankruptcy and that you used the appropriate bankruptcy exemptions and that you had available room under the exemptions to protect the funds). However, until the bankruptcy trustee files his or her report of non-distribution those bank funds were technically still part of the bankruptcy estate meaning you probably should not have done that.

Before you use anymore of your savings to buy stocks or investments you should wait until the trustee files their report of no distribution. Usually the report is filed and available to see on your docket about 2-3 days after the conclusion of your 341a meeting or trustee meeting (also called the meeting of creditors).

Although the funds you used were probably protected, the bankruptcy trustee still needs to agree and file their no asset report or report of no distribution. Again, you should be ok with that, but hold off on doing anything further until that report is filed.

You can call the trustee's office or look on pacer.gov to see if that report has been filed.

I hope this helps and best of luck!

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