Money in the bank

[pilkerton21]

We have turned in 90% of the paperwork and paid the attorney for our Chapter 13. We have a meeting on Thursday to finalize the paperwork before he files.

Question: We have $1500 in the bank waiting for my husbands car to be fixed. We thought about buying a new used car but don't want to take on a monthly payment so we decided to take this money and fix his car (needs a new head gasket among other small things). Is this okay or what should we do with the money before we file?

[Lissy]

Can you get the car fixed before you file? Or at least pay the mechanic? I wouldn't file with that much money in your bank account. I have heard that some banks and credit unions will freeze the account and whatever is in there on the day of filing will take you forever to get back. I filed 3 days before my rent was due, but I went ahead and paid it early so that money was no longer in the account. I think I had like $13 in my checking account the day I filed. I wasn't taking any chances. In any event, check with your attorney. He/she should have some advice for you.

[newbie2]

We have turned in 90% of the paperwork and paid the attorney for our Chapter 13. We have a meeting on Thursday to finalize the paperwork before he files.

Question: We have $1500 in the bank waiting for my husbands car to be fixed. We thought about buying a new used car but don't want to take on a monthly payment so we decided to take this money and fix his car (needs a new head gasket among other small things). Is this okay or what should we do with the money before we file?

You'll be fine spending the money on needed car repairs. Just save the receipts in case you are asked about the recent expenditure. Good luck to you!

[daxtell]

i filed in virginia and my attorney listed the money in my bank account as an exemption and he also listed my 1995 jeep which was paid for as another exemption. it is called a homestead exemption that we filed with the circuit court in addition to the petition. ask your attorney about this. i found out about it as soon as i signed my petition when he was getting ready to file.

[jetsfan2010]

Do you owe that bank money or including them in your claims?

[chicagoannie]

In IL, I think the max cash on hand was $150. As I only had $.14 the day I filed, it wasn't a concern!

[corrin69]

When I filed my Chapter 13, I just estimated the amount of money in my checking account. And I do not remember having to submit bank statements.