Bank account balance question

[Confused14]

I have lots of questions today, but I'm going to post them individually, I think it's easier for everyone that way.

I was reading about this on another thread and now I'm confused. I read that you should have as close to $0 balance in your bank accounts when you file. I thought you have to have as close to $0 on the day of your 341 meeting. Which is correct? If I remeber and if I heard him correctly, my attorney said for NY, the exemption is $2500 and to make sure I have no more than that in my accounts on the day of the 341. Is this correct??

Also, should I bring copies of my current bank account statements/receipts on the day of my meeting just in case?

Thanks.

[WoodSprite]

I was reading about this on another thread and now I'm confused. I read that you should have as close to $0 balance in your bank accounts when you file. I thought you have to have as close to $0 on the day of your 341 meeting. Which is correct? If I remeber and if I heard him correctly, my attorney said for NY, the exemption is $2500 and to make sure I have no more than that in my accounts on the day of the 341. Is this correct??

Also, should I bring copies of my current bank account statements/receipts on the day of my meeting just in case?

Hi, Confused -

The really critical point is the "snapshot" of the day you FILE, and the six-month look back is from that point. So the date they're looking at is the date of filing.

I'm sorry, I can't remember whether or not you're exempting a house. If you are, in NY, the homestead cancels out the cash exemption, and you need to get that balance down as far as you can, even if it means delaying filing until that's possible. (Oops...I see you've already filed.) Since your attorney gave you the $2500 figure, I imagine you're not taking the homestead exemption. That $2500 cash exemption (here in NY, anyway) is "in lieu of" a homestead.

That said, the prevailing wisdom on this board is that it's best to avoid if at all possible any suspiciously large expenditures or influxes of cash from the day you file until the day you're discharged.

I think it's a really good idea to have everything they COULD ask for filed away someplace where you can put your hands on it quickly in case they ask for it. But I'll bet you a nickel they don't ask for anything but photo ID and ss card at your 341.

Good luck!

[BROKENN]

Hi C14,
I can answer one question because I did the exact same thing!

It is your bank account balance the day you filed!
I freaked..... I thought 341.
My atty said about $2500 and to bring a snapshot of my accounts of day of filing to the 341. My 341 isn't until Oct, so I can't report what they will actually want for docs yet. And states could be different from what I have learned here.

Hopefully others will help on the other questions! I too am interested.

[BROKENN]

Hi Woodsprite! Guess I have been right behind you. Thanks for the data too!

You are very close!! How exciting!

[Confused14]

Thanks. I REALLY wish I would've found this board BEFORE I filed!!! But that's just my luck, as usual. The day I filed I had quite a bit in my account, but now I don't. Alot of what was in my account was used to pay my attorney. I really hope they don't inquire about the balance I had the day I filed. I have receipts for 90% of what the money was used for, which were dental visits, doctor appointments, food, etc.

You're correct, I do not own a home. I really hope I don't run into a problem because of this.

I wish my atty would've mentioned something to me about it. All I remember him saying was to make sure I had less than $2500 the day of the 341. Now I'm wondering what the trustee will say about where that money went to, even though I have receipts. UGH!!!!

[Confused14]

Now that I'm thinking (& worrying) about this, I have a question. If I was only allowed to have $2500 in my account when I filed, and let's say I had $4000 in my bank account, but on the day of my 341, I have $500. Since I was only allowed to have $2500, will the Trustee ask me to pay back the difference between $4000 and $2500 = $1500???

I'm sorry if it's a stupid question, but I'm worried now. I don't have any extra money as I did before, due to numerous expenses.

[WoodSprite]

Thanks. I REALLY wish I would've found this board BEFORE I filed!!! But that's just my luck, as usual. The day I filed I had quite a bit in my account, but now I don't. Alot of what was in my account was used to pay my attorney. I really hope they don't inquire about the balance I had the day I filed. I have receipts for 90% of what the money was used for, which were dental visits, doctor appointments, food, etc.

You're correct, I do not own a home. I really hope I don't run into a problem because of this.

I wish my atty would've mentioned something to me about it. All I remember him saying was to make sure I had less than $2500 the day of the 341. Now I'm wondering what the trustee will say about where that money went to, even though I have receipts. UGH!!!!

No, that's great...you don't own a home, so even if you had $2499 in the account on 8/13, you're good. And you've got receipts for allowable expenses? You're golden! Sounds like your atty gave you good advice.

[WoodSprite]

Hi Woodsprite!

You are very close!! How exciting!

Thanks for noticing, B! Aside from the clamor inside my head, this has gone so smoothly it almost scares me. I'm trying so hard not to count the MINUTES, but it gets harder and harder as the clock ticks down...

[BROKENN]

Yep, I wondered if it was days you would be counting or minutes..... I too will be minutes!

I am glad it is going smoothly and nothing bad has happened!!!

[BROKENN]

Hey C14, I don't know about the expenses after, these guys will help.

[WoodSprite]

Now that I'm thinking (& worrying) about this, I have a question. If I was only allowed to have $2500 in my account when I filed, and let's say I had $4000 in my bank account, but on the day of my 341, I have $500. Since I was only allowed to have $2500, will the Trustee ask me to pay back the difference between $4000 and $2500 = $1500???

I'm sorry if it's a stupid question, but I'm worried now. I don't have any extra money as I did before, due to numerous expenses.

It's not a stupid question at all. Disclaimer: I don't KNOW, and I'm sure somebody who does will chime in any minute now. But my gut says that the Trustee may ask you for receipts for that amount, and that when he or she sees that you squandered it on doctors, food, and atty fees, that will be an end to it.

[soleprop]

Also, should I bring copies of my current bank account statements/receipts on the day of my meeting just in case?

FYI, in MN my trustee asked me to bring bank statements that showed account balances for all open accounts on the date of filing to my 341 meeting. this included paypal. she was a stickler to everyone in the 341 about it; if you didn't bring them with you had 2 days to fax them to her.

[wtu]

I was never asked for bank statements as of the day I filed, I just had to affirm under penalty of perjury, that the amounts listed were true and accurate as of my filing date (they were). Guess that goes to show you...it all depends on the trustee.

[tunskit]

Our trustee wants our past two years of tax returns at least a week before the 341. He told us to bring bank statements from any open accounts that show the balance as of the date of filing. He also wants any paystubs for the pay period before and after filing. We are to bring those to the 341 meeting. Oh, and don't forget your driver's license and SS card on the day of the 341.

[Confused14]