okay, had meeting with attorney tonight

[Spartan]

Minnesota is a State or Federal Exemption State. If you chose to use Federal and aren't using the Homestead Exemption to protect your house, you could protect over $9K in cash if you wanted as a WildCard. Maybe that's the line of thought the attny was going with.

But did the attny say anything about paying or not paying the CC's something??

So in MN, if you have no other properties, and you claim Federal exemption, then you can exempt up to $ 9k in cash?

[SinkingFast]

So in MN, if you have no other properties, and you claim Federal exemption, then you can exempt up to $ 9k in cash?

It sure sounds that way, but you'd have to check with an attny to be sure.

Paragraph 1 referred to below is the Homestead Exemption.

Section 522(d)
(5) The debtor's aggregate interest in any property, not to exceed in value $800 [$975 effective 4-1-04. Adjusted every 3 years by section 104.] plus up to $7,500 [$9,250 effective 4-1-04. Adjusted every 3 years by section 104.] of any unused amount of the exemption provided under paragraph (1) of this subsection.

http://www.doney.net/bkcode/11usc0522.htm

[sofarindebt]

Actually my attorney said they can protect up to 17K (m)

but she told me to not leave over $1000 in my bank account EVER until we file, just in case a creditor hires an attorney and they garnish my bank account. So I guess I will have to take out money and put it in someone elses' accounts. I have a savings account for each of my kids, can they garnish that? I better just keep a stash of cash for whatever we save instead of putting it in any account. I don't even trust family members to keep it safe.

[CindyLou]

your kids accounts are probably "your name" for minor child. that would not be a good idea. its still traceable on your social. Either use the funds for necessary expenses are invest in a good fire safe. But be careful about hiding money. They will look at the amount spend vs. the amount made and wonder where the rest went!! Turn the money into an exempt purpose like stated previously. You really can't get away with socking away more than a little bit of money. One thing to remember through this whole thing is stay pretty much on the up and up. Honesty is the best policy.

[Spartan]

If you only have 1k or 2k around, just put it in your security box at home. If you are a family with kids, that amount is not going to last long... and we are only talking about household consumables here. It is good to have a sludge fund for rainy days, even just a tiny one. After all that your family have gone through, you all deserve a treat every now and then.