recap filing - multiple cars. bank accounts. no cash on hand at file . discharge?

[bornfree2]

check out this filing, page: 11 in pdf (property schedule)

https://storage.courtlistener.com/recap/gov.uscourts.caeb.653129/gov.uscourts.caeb.653129.1.0.pdf

docket shows smooth sailing discharge

https://www.courtlistener.com/docket/59871926/tyler-carl-champion/

Yet, NO CASH DECLARED. huh?? They really had absolutely not even a quarter on hand at time of filing? Really? How is that credible? A person with multiple cars, bank accounts, income.... yet not 1 penny in cash??



There are many many filings on recap like this. Scantly reported property entries when common sense says it cant be so.

Isnt the idea full disclosure? True and complete? Under oath

[justbroke]

Yet, NO CASH DECLARED. huh?? They really had absolutely not even a quarter on hand at time of filing? Really? How is that credible? A person with multiple cars, bank accounts, income.... yet not 1 penny in cash??

The day I filed I had $20 in my pocket and spent $18 of it taking a taxi halfway home. Had driver drop me off at a hotel where I made a collect call to have someone pick me up.

It is possible. It's hard to judge another person. The day I filed I felt like a $1,000,000 bucks but by the end of the day, I needed 4-new tires and only had $2 left. (Couldn't even use a credit card to make the call to a friend... had to call collect.)

My checking account was also negative about $200... so... I was actually in the hole.

[bornfree2]

The day I filed I had $20 in my pocket and spent $18 of it taking a taxi halfway home. Had driver drop me off at a hotel where I made a collect call to have someone pick me up.

It is possible. It's hard to judge another person. The day I filed I felt like a $1,000,000 bucks but by the end of the day, I needed 4-new tires and only had $2 left. (Couldn't even use a credit card to make the call to a friend... had to call collect.)

My checking account was also negative about $200... so... I was actually in the hole.

But $0? Not even a penny in the dirt of the car or coach or in the house? This is a middle class filing. Its incredulous to me. There are many filings on recap like this. This seems more like something where the lawyer said 'if we dont declare cash then there is nothing to go after cause you always use plastic right? I know i do...wink wink'

[justbroke]

But $0? Not even a penny in the dirt of the car or coach or in the house?This is a middle class filing. Its incredulous to me. There are many filings on recap like this. This seems more like something where the lawyer said 'if we dont declare cash then there is nothing to go after cause you always use plastic right? I know i do...wink wink'

Yes. You could have $0 on the day of filing. I was nearly there. Had I taken the taxi TO the courthouse, I would have had $2 at the exact moment of filing with -200 in the bank. I don't question anything after my sad, sorry, but proud, return home to have only $2 for the next week. It happens and I was both the happiest person and very poor at the same time.

[bornfree2]

The dog also ate their cash ... cause that too is possible

[justbroke]

The dog also ate their cash ... cause that too is possible

I literally had $2.00 in cash in my pocket and -$200 in the bank. It does happen and, if you can't tell, attorneys will make sure that a debtor pays all their bills before filing the petition.

There have been times where Trustees, at the 341 meeting, demanded a running total of the debtor's bank account on the day of filing, then asked the debtor to open their checkbook and write out a check for the balance (that's not exempt).

There's more to bankruptcy planning and what one should have in the bank on the day of filing. For California, and some other States, you have really nice wildcard exemptions. In Florida, and many of the other States, either you can't exempt too much cash (I don't define "too" much but one State sets maximum cash at $400) or you don't have any exemptions to cover any reasonable property. Florida gives us a $1,000 wildcard for everything (furniture, clothes, cash in bank... everything). If you don't own a home, then you get an extra $4,000 but even that is not enough.

Bankruptcy planning is like estate planning. Those who don't plan the filing well... well... run into trouble. Even companies filing massive Chapter 11s already have planned out everything and major Chapter 11s could even exit bankruptcy within days. The most interesting one was General Motors who filed on June 2 and was out of bankruptcy on July 11th.

Suffice it to say that you don't want to be caught, in Florida, with your rent or mortgage payment in the bank balance on the day you file. Even if you wrote a check, it's not cashed so it doesn't count.