QUESTION
Will my spending be monitored after bankruptcy?
Asked on Sep 19th, 2013 on Bankruptcy - New Jersey
More details to this question:
Am I going to be monitored or watched at after I file Chapter 7?
10 ANSWERS
Bankruptcy Chapter 7 Attorney serving Austin, TX
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The Law Offices of Sean T. Flynn, PLLC
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After a chapter 7 case is closed no one is going monitor your spending. There is a rule that states if you become entitled to a windfall of money (inheritance, lottery, etc.) 6 months after the case was filed you will need to contact your attorney.
Answered on Sep 23rd, 2013 at 5:02 AM
No, neither the Court or the Chapter 7 Trustee will be monitoring your spending activities after you file bankruptcy. The Trustee will probably want to see a bank statement that shows your transactions that occurred within the 30 days prior to the date you filed bankruptcy, but will not be concerned about how you spend your money after you file.
Answered on Sep 20th, 2013 at 4:13 PM
Debt Settlement Attorney serving San Diego, CA
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Law Offices of Kathryn Tokarska
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Probably not anymore than we are all watched now.
Answered on Sep 20th, 2013 at 11:53 AM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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Generally no. But there are certain things the trustee will still look for like inheritance etc.
Answered on Sep 20th, 2013 at 11:24 AM
Regulatory Attorney serving Spokane, WA
Partner at
Deissner Law Office, P.C.
There is no formal governmental process to watch your spending after a Chapter 7. If you do something that draws attention somebody might look into your situation via law enforcement, or some creditor might report you to the US Trustee if they thought you committed fraud. I can envision a scenario where if you file Chapter 7 and then go out and buy a yacht for cash, it would raise eyebrows. Otherwise you are on your own.
Answered on Sep 20th, 2013 at 11:18 AM
Deborah F. Bowinski
One has to wonder why you are asking this question. If you have completely disclosed all of your sources of income AND all of your assets (including any rights you have now to receive funds in the future) then it should not matter if the court or your trustee monitors your spending.
Answered on Sep 20th, 2013 at 11:10 AM
No, not unless the amount you spend is substantial (over $10K) and you trigger an investigation somehow.
Answered on Sep 20th, 2013 at 11:05 AM
Generally not. But if a trustee has a concern that you did not disclose, or held back income or did anything else that was in bad faith, your bankruptcy could be reopened and you could have negative repercussions. It is best to be 100% honest and transparent.
Answered on Sep 20th, 2013 at 9:40 AM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
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Usually not, but some trustee's request copy of Bank statements post bankruptcy (during the period around the 341 Meeting), but definitely not after discharge.
Answered on Sep 20th, 2013 at 9:28 AM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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Generally not but you are required to disclose inheritances that may occur within six months.
Answered on Sep 20th, 2013 at 8:58 AM