When Can I Start Saving Money?

[NearlyThere]

I’ve been searching the forum, but can’t seem to find any answers on this. I have no disposable income now and have just filed Chapter 7. My attorney said that disposable income and purchases wont matter after the 341 meeting, but I’ve also seen people say that it’s best to wait until 30 days after the 341 meeting. Some people seem to wait until discharge. Does anyone have a firm idea on when I can start saving money? I want to increase my income and save as much as possible. I’m currently unemployed, but have potential job opportunities in the next few months.

[justbroke]

With a Chapter 7, you can start saving money the day after filing. A Chapter 7 is a "snapshot" in time which is the day that you filed. Anything after that is not part of the Chapter 7 with limited exceptions (inheritance, divorce proceeds). It doesn't even include lottery winnings post-filing despite what you'll read on the Internet.

Now, from a practical standpoint, some debtors should wait until after the 341 Meeting because some Trustees will want to see the balance on the account the day of the filing and you don't want to muddy the waters. If you're under the median income with very little savings at the time of filing, this is usually a non-issue.

[NearlyThere]

justbroke gotcha! Thanks!!!

[yeahknow]

justbroke So I can literally start accepting a HUGE raise and not have to worry about it? I have a friend that filed, and then starting make BIG tips and working 2 restaurant jobs. Never said a thing to the Trustee. I think this new position will pay an extra 10K a month. I'm thinking about telling the employer I cant start until January. My discharge date is January 17th. Im so damn nervous..

[justbroke]

You asked this in another thread, which I don't recommend as it dilutes the responses.

[yeahknow]

justbroke Sorry about that - Just joined and was having problems with my first post on the board. Agh, wanted a answer, what thread did I use? Just wanted to read any responses. Thank!

[Jfict]

I was wondering this too. I also asked my attorney when I could buy a car (I'm surrendering one) and he said after the discharge. So for several months we'll have to do with one.