Where do I keep the money?

[salsa]

So we sold one asset, which will be used to for a downpayment for a car, and bills. Even though our state has a pretty high amount that is protected from bank levy, not taking any chances. What's the best way to keep at home? Money order? Something else?

[AngelinaCatHub]

So we sold one asset, which will be used to for a downpayment for a car, and bills. Even though our state has a pretty high amount that is protected from bank levy, not taking any chances. What's the best way to keep at home? Money order? Something else?

Wait a minute Salsa. What are you asking? If you wish to sell an asset that is not exempt then you have cash, we are not prepared to give advice to hide any assets. You must clear this up to get answers that are both legal and moral. Please do so. 'Hub

[salsa]

Not hiding anything from the bankruptcy court, if that's what you are asking. It's my understanding it's asset pre planning. We need to get vehicles prior to filing as well as the fact we can't afford to take care of the horse anymore. I am keeping track of where the money is going, and will document where it goes. I can use for needed expenses. I just don't want to put in the bank in case I would get a bank levy. We are filing a chapter 13 in April hopefully, and are selling a few things. It's my understanding you can do that to use for needed expenses/repairs.

[AngelinaCatHub]

Not hiding anything from the bankruptcy court, if that's what you are asking. It's my understanding it's asset pre planning. We need to get vehicles prior to filing as well as the fact we can't afford to take care of the horse anymore. I am keeping track of where the money is going, and will document where it goes. I can use for needed expenses. I just don't want to put in the bank in case I would get a bank levy. We are filing a chapter 13 in April hopefully, and are selling a few things. It's my understanding you can do that to use for needed expenses/repairs.

I see. I was concerned as I have been following your course. Not a 13 person but what about securing it with a relatives bank account who would return it when you needed to use it? 'Hub

[salsa]

A relative, that may be an option. I can check with my Mom. I belive Wisconsin protects up to 10,000, but as I said I don't want to take any chances.

[despritfreya]

A relative, that may be an option. I can check with my Mom. I belive Wisconsin protects up to 10,000, but as I said I don't want to take any chances.

Please do not transfer the funds to a relative on the assumption that, as it is returned to you, the money can be "traced" for bk purposes. Once the funds are out of your hands you have made a "transfer". Transferring funds to someone for "safe keeping" can cause problems due to the inability to trace the money. (Please note, "tracing" is a "legal" term with a very specific meaning.) IMHO, there is nothing wrong with keeping cash. You just need to keep receipts for what you do with the cash.

Des.