Savings Question

[Pinkie86]

Does any one know how much money I can keep in my Michigan savings account without a trustee looking at me funny?

I'm moving in September and I was planning on my last August paycheck to pay for first months rent, deposit, pet deposit, and my phone/internet/cable setup fees and any utility deposits. If I have $800-900 sitting there for a short time would they come down on me?

At present time I have a whopping .70 cents in my savings that I can touch, and less than $100 in my checking account. I've read the exemption stuff for Michigan, but I am incredibly easily confused.

[southernbelle]

If you are in fact filing Chapter 7, you should not have any money (or as close to zero as possible) in your accounts or the Trustee could make you fork over that money. Check with your atty. to be sure, but that was the advice I received and when I filed I was overdrawn and I had a negative balance in my account. We timed my filing the day before my direct deposited paycheck hit so that there wouldn't be anything in that account.

Now, after filing, you might be okay, but if I were you, I would use money orders until you get everything filed.

[Pinkie86]

Currently I am what I affectionately call "joke broke." Only that .70 cents in my savings and around $75 left in my checking account until my next payday. Reading it again, my first post didn't give proper backstory.

When I went into his office, I only had $300 in my account. He said I wouldn't lose anything during my consultation, and that my CH7 case would be an easy one, since basically I've got nothing.

I'm making my last big payment to the lawyer end of this month (July), filing end of July/Early August, at which time I'll have that extra money at the end of August because I won't be paying the laywer or on my debts. Which is why I'm concerned about having that money sitting there and wanting to reserve it to move.

[southernbelle]

Is there any way to prolong filing until after you've used that money you'll have left in your account? If you can't wait, your Trustee might go after that money no matter what you have it reserved for. As per my atty., I was told to be prepared to pay the Trustee any money in my accounts the day I filed (but he encouraged me to use it all up).

[Pinkie86]

I'll actually be filing BEFORE that extra paycheck money hits my account. Nearly one month before. Which is why I thought I might be ok since it'd be living expenses and not like, running out and buying a big screen tv. I know I'll need to call my lawyer tomorrow to check, I figured I'd get some perspective and peace of mind tonight.

I apologize for not making much sense - I am so sleep deprived I can't stand it.

[AngelinaCatHub]

Hey man, you gotta live. If that is the case, keep reciepts for your extra money. If it is to do a new apartment deposit, keep the receipt. I'm a classic case for screw ups, but I have been treated kind, so far. I have heard others without my good fortune. Hey, look at the guy with 750K of debt and you are worried about 800 bucks? You ain't go no problembs.... 'Hub

[Pinkie86]

Thanks a bunch 'Hub! I am a terrible worry wort. I'll be sure to keep receipts for my apartment deposits.

I need to learn to just let the lawyer do his job and stop worrying. Let me just say, if I were in your shoes I would have had a heart attack. I've seen back posts on you and angelina's situation and I really feel for you two. It sounds like you've been through the ringer already. I've got around $32,000 in debt, and I'm a nervous wreck.

I'm definitely keeping you and yours in my prayers!

[JRScott]

So long as the filing is before the check hits you should be fine

[Pinkie86]

OH GOOD.

Thank you, thank you, thank you. I feel a lot better now.

[epiphany]

So long as the filing is before the check hits you should be fine

I have a question about this too. I am delivering the paperwork to my lawyer tomorrow (no, really I AM TOO!). Anyway, currently I have less than 100 in my bank account. However, I could have around 1000 on the day of filing, depending on when that is and if my rent check has not cleared.

I would like him to file ASAP as I am being sued and could get a default judgement any day. My lawyer advised me not to answer the summons because he said there would not be enough time for them to do anything even if they receive a judgement.

I believe that I have enough exemptions to cover such an amount in the checking account. Is that possible? Or will I just need to withdraw funds from my account and pay the rent in a money order? Of course, I will ask my lawyer but am wondering NOW.

Thanks,
ep

[JRScott]

ep you need to have your checking/saving account at or below what your lawyer can exempt on the paperwork. Best thing to do is using online banking to check your balance and let him know the day is best to file. Discuss it with him. You want to probably file when it is at its lowest.

[epiphany]

ep you need to have your checking/saving account at or below what your lawyer can exempt on the paperwork. Best thing to do is using online banking to check your balance and let him know the day is best to file. Discuss it with him. You want to probably file when it is at its lowest.

Thank you. I do use online banking everyday..I'm painfully aware of how much money I (don't) have. Just that there's the rent, ya know so there is usually a bit of money in there around the 5th when I pay it and then I don't know when it will clear. Sometimes they are slow to cash it. I will definitely discuss this with my lawyer.

Thanks again,
ep

[JRScott]

Just mention it to him so he knows. If necessary delay the filing date til after its gone again

[keepmine]

If it's gonna be close, get a MO and pay the rent with that. Better to be safe than sorry.

[epiphany]

If it's gonna be close, get a MO and pay the rent with that. Better to be safe than sorry.

I think I will do this. Thanks.

ep