Pre-paid card

[newlife1]

Do we need to submit and disclose pre-paid card statement of account in our schedules, or just the usual bank accounts?

[AngelinaCat]

I would just file the usual taxes like you always have.

[newlife1]

I mean here in schedule A/B of chapter 7 bankruptcy

[justbroke]

If you have cash on those pre-paid cards, then that is property of the Estate. It's no different than having money in a checking/savings or other demand deposit account. Personally, I would list them under Checking/Savings with the balance on Schedule A/B Part 4 (question 17... other financial account), and then exempt them on Schedule C if you have enough exemptions to cover this amount.

[newlife1]

If cash i have is part of my wages can I exempt it as wages? that is 75% of it then the 25% as wildcard exemption. In another string i asked if house has no equity do I need to include it in the exemptions? I have a homestead exemption of 5, 500 dollars buthouse has no equity or is negative 25,000 at least in value

[justbroke]

I can't really tell you how to use exemptions, but you'll have to determine whether your exemption scheme (State or Federal) allows you to exempt cash in a bank. If your State allows an unused homestead exemption to be used for "any property" (or you're using the Federal exemptions... and are allowed to do so) then you should be able to protect that cash. I say this because some States don't allow you to exempt "cash" on hand.

Exemptions can get complicated especially when it comes to cash in that type of account.

[LadyInTheRed]

This PDF contains Virginia's exemption laws: http://law.lis.virginia.gov/library/cov/Title34.pdf

[newlife1]

thanks