I just learned the importance of an emergency fund!

[AngelinaCatHub]

I thought they only cared about the amount in the bank on the day we filed? This is what our attorney told us.

The way we've been yo-yoing it won't matter because we'll be under that $600 you quoted. Always something to spend it on being a car and home owner!!

Yes and no. You said you filed. In about 30 days, you will have your 341. Under oath you will be asked if any additional income or expect any since you filed. $400 bucks isn't bad as a side and give it time it will grow. Mrs. and I carry a hundred dollar bill in our wallets and we FORGET IT, for any situation such as, "hey the debit card was declined" in a restaurant. Or, "Hey, I thought I could make it home on this empty tank".

Works for us. 'Hub

EDIT: Yes under $600 is fine.

[jadams]

Yes and no. You said you filed. In about 30 days, you will have your 341. Under oath you will be asked if any additional income or expect any since you filed. $400 bucks isn't bad as a side and give it time it will grow. Mrs. and I carry a hundred dollar bill in our wallets and we FORGET IT, for any situation such as, "hey the debit card was declined" in a restaurant. Or, "Hey, I thought I could make it home on this empty tank".

Works for us. 'Hub

EDIT: Yes under $600 is fine.

Having savings is not additional income. Whether I put $10 or $1000 in a savings account doesn't change what my income was for that period.

In a CH 7 as long as the amount you're adding to the savings account comes from an income source that was properly disclosed on your filing, your savings account balance (after filing) shouldn't matter. Except for extremely rare situations, the trustee would have no claim to your savings account established with income earned after filing.

In a CH 13, being able to stash a significant amount of money away in a savings account would probably indicate your proposed budget should be adjusted.

Much of the point of filing bankruptcy is to reestablish a normal and healthy budget. Part of a healthy budget is a savings account with emergency funds.

[cantbreathe]

I have questions about this. How much is too much cash on hand? Does it matter that my income is SS? We haven't filed yet so Atty fees and filing fees will swallow a chunk of what we have saved.

[cantbreathe]

Sorry wrong place to post.

[Amadan]

We were about halfway to the $1000 "emergency fund", then I had a tire blow out on the way to work last week. $217.00 to replace it. So glad that we managed to save up enough to cover this. It hurts, but we will survive it.

Then we had the washing machine breakdown this weekend. We were looking at probably a couple hundred more in repairs (at least a hundred just for a service tech to come out anyway), but i rolled up my sleeves and figured out how to fix it myself. Kinda patting myself on the back for that one. I was a little apprehensive about taking on a task like that, but it wasnt near as complicated as you might think. Turned out the drain line was clogged up with a AA battery, a few pennies, and a wad of lint.

So we have had our first two of what i am sure will be many more post BK13 filing emergencies. Just got to keep adding to the emergency fund every week. $10 here, $30 there. It adds up guys, and you will need it.

[bigtim6656]

I was thinking about lowering mine why raise it for 17 bucks a year. That is like a meal for two at any fast food stop

Yeah, I pay the extra monthly premium to keep my deductibles where I think I can afford them. The car insurance company keeps trying to coerce me into raising my deductible. No thank you very much.

[bigtim6656]

If you have not filed you want nothing. My attorney said less then 300 closer to 100. I told him I would have 50 cent in there . Now you could keep the cash not easy to find and not claim it. Then you get into the whole thin of not being truthful with the trustee .

I have questions about this. How much is too much cash on hand? Does it matter that my income is SS? We haven't filed yet so Atty fees and filing fees will swallow a chunk of what we have saved.

[tigergem]

I was thinking about lowering mine why raise it for 17 bucks a year. That is like a meal for two at any fast food stop

That $17/year = $204.

If deductible is $250, and only used once = $454 total out of pocket, right?

But a $500 deductible is still $500 out of pocket.

That is why I would rather pay the extra monthly premium for a lower deductible that won't kill my emergency fund.

[bigtim6656]

I see you meant 17 a month right? Now I can get that. If you saved the 204 and even at 1 accident a year your not loosing alot where if you go a few years you might even save or just offset the cost of the high cost

That $17/year = $204.

If deductible is $250, and only used once = $454 total out of pocket, right?

But a $500 deductible is still $500 out of pocket.

That is why I would rather pay the extra monthly premium for a lower deductible that won't kill my emergency fund.

[bigtim6656]

when I looked at going from 500 to 100 it was 34 bucks a month. 12x 34=408 so I would end up loosing money if I had one claim a year. 100+408+508 So I would loose 8 bucks a month, sure only 8 bucks but still that single dinner I was talking about I guess.

Though figureing I have been 2 years without a claim I would have lost 816 bucks. Which comes out to about 8 months of insurance for me.