A few questions about bank accts/cash on hand

[southernbelle]

[SinkingFast]

Plan your filing.

We filed on the day before payday.

Our paralegal called on Thursday and told us we were to come in, review our petition, and sign, the next Tuesday.

We went shopping like mad. Made sure all the cars were filled up with gasoline. Went to the grocery and stocked up.

You can buy extras of things you know won't go bad.

TP, paper towels, cleaning supplies, that sort of thing.

Look at your pantry. Stock up sugar, flour, salt, etc?? Canned soups, vegetables, etc.

Light bulbs. Batteries. Things you'd use around the house anyway.

If you have wee ones, diapers and formula or baby food. If you've got a freezer, stock up on meats too.

Tylenol, ibuprophen, bandages, antiobiotics ointments, etc.

A few ideas for you.

[Pinedawg09]

I had a similar situation in that I had about $2000 in cash & $1000 in savings when I filed. My lawyer said there were provisions in the bankruptcy code that allows you to have a $10,000 window of money that can't be touched. The trustee never brought it up at the 341 and I assume that it won't be a problem.

[WantToBeDebtFre]

It all depends on your exemptions for the state you live in. It wasn't an issue for me under Federal Exemptions.

[magyar123]

I had a similar situation in that I had about $2000 in cash & $1000 in savings when I filed. My lawyer said there were provisions in the bankruptcy code that allows you to have a $10,000 window of money that can't be touched. The trustee never brought it up at the 341 and I assume that it won't be a problem.

That really depends on the state you're in and the exemption amount in that state.

[BKcrazy]

I'm in AZ and I was only allowed to have $150 in my account on the day I filed. There were things I had to do before though. I did the grocery store and gas station trip. I'm just waiting for the 341 meeting.

Worst thing that can happen (per my attorney) is that the bank decides they don't want you as a customer and will close your account. I thought that happened to me today, because I had two diff credit card accounts with them as well. Still have about $50 in the account, but I'm going to open an account somewhere else. Just a hassle.

[SinkingFast]

What State, Belle?? Maybe we can help you with what you can anticipate.

You might be in a State where you could choose State or Federal. If you don't use the Homestead Exemption, and go with Federal, having a fair amount of cash on hand might not be a problem.

[pa308]

how do you end up with all that extra cash when according to budget you only have +-100?

[seafresh]

for me my checking acct is still open...

seafresh

[leo_075]

So if you're federal exempt, it's not a big deal to have say, $3000.00 on hand in cash? We're federal exempt.

[southernbelle]

I live in Louisiana and from what I read, I don't have an exemption for cash on hand. The reason I would have money left over is because I qualify to file Ch. 7 due to Business Debts. None of my personal debt is behind as of now and if I weren’t for the failed business my credit wouldn’t be bad at all. The money I would have left over would be due to the fact that I am above the Median Income for my state and if I stopped paying non-secured creditors, I would have more money left over than most folks, but not lots which is why I found the need to ask the question.

My BK is unusual because of being able to qualify for a Ch. 7 because I have more than 50% non-consumer debt and there seem to be only a few folks here with a similar situation.

[SinkingFast]

Yeah.

You don't have a "can be used on any other property", a WildCard, or a Cash on Hand Exemption at all.

You could buy yourself an Engagement Ring! You have a $5K Exemption there. J/K

How's your insurance situation?? Do you have medical, dental, vision, etc??

I noted that if you purchase life insurance within 9 months of filing, you can only Exempt $35K there. But still, if you prepay a policy for a year, that would be some $$$'s.

Does your car need any repairs??