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Am i allow to spend money?

Not applicable

Re: Am i allow to spend money?

Most people in CA use Wild Card exemption towards homes if they have equity in their houses or cars. Most states dont have that so check with your state and see what the exemptions are. Some allow you to have $1k in the bank. If that is the case, you are fine as long as the Ps5 does not go over $1k. Bottom line : really depends on which states you are in or more like you are filing. 

Message 11 of 12
Frequent Contributor

Re: Am i allow to spend money?

The exemption on the recent PS5 purchase doesn't fix a bad faith filing. OP chose to use income and assets toward a luxury good that should have been paid to creditors from someone that doesn't seem to be broke. If the trustee goes fishing and finds additional bad faith transactions, the whole chapter 7 may be in jeopardy. You cannot buy a luxury good or vacation on the eve of bankruptcy even if the underlying cash to pay for it or the physical object purchased is exempt. Delay the BK by a few months will usually do the trick to avoid any bad faith purchases. 


Message 12 of 12
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