Cashing out

[tknj99]

Do you think ATM withdrwals are ok in the 12 months leading to filing?
If so, what would be a safe amount per week/month?

Just wondering cuz i have heard of those who will be surrendering their primary home that save up cash under the mattress to use for rent on a new place/moving costs/etc.

Ive also heard of a friend who was in that situation and was advised by an attorney at a free consult to just stop his direct deposit check and keep all money in cash and not in checking. But this strategy contradicts with what i've read regarding the trustee who may want to know where all the withdrawals or paychecks are going..

I guess im just trying to figure out if its ok to save money during the planning months..

Any thoughts - thx

[SubPrimeME]

Do you think ATM withdrwals are ok in the 12 months leading to filing?
If so, what would be a safe amount per week/month?

Just wondering cuz i have heard of those who will be surrendering their primary home that save up cash under the mattress to use for rent on a new place/moving costs/etc.

Ive also heard of a friend who was in that situation and was advised by an attorney at a free consult to just stop his direct deposit check and keep all money in cash and not in checking. But this strategy contradicts with what i've read regarding the trustee who may want to know where all the withdrawals or paychecks are going..

I guess im just trying to figure out if its ok to save money during the planning months..

Any thoughts - thx

Yes, stop the auto deposit, use cash for everything, keep the receipts! I had a safe that i deposited most of my check into- it was no problem for me.

Moreover, check into your states exemptions- wild cards etc. In MN we could exempt 11k in our checking account. Not that I had that though.

My trustee only wanted to know about the balance on the day we filed. I had 20 bucks in there or so....

it's good that you are planning your BK though, most people don't.

[OKBK]

so what if you don't have reciepts?? What will they do? There is no way to prove anything?? This would be someone who is under the means test and no asset.

[taramaxed]

so what if you don't have reciepts?? What will they do? There is no way to prove anything?? This would be someone who is under the means test and no asset.

So are people who are under the means scrutinized more? sorry confused

[2Bshinyandnew]

So are people who are under the means scrutinized more? sorry confused

I think the above comment was meant to suggest it is a good idea to save receipts to CYA, just in case, like insurance...and not necessarily because people who are under the means are scrutinized more.

When my ex filed, he took all sorts of measures to cover his butt, receipts, etc. Nothing was ever questioned. Nothing. Even stuff I was sure would raise a flag wasn't noticed or questioned, like ATM withdrawals The trustee filed his report of no asset/no distribution and meeting all the requirements the day after the 341.

[SubPrimeME]

Yes, by keeping receipts you will show that you aren't paying your brother or sister back for some loan... You want to prevent preferential payments- and if you take large amounts of money out of your paycheck, the trustee may question that.

It's better to be safe then sorry. Epsecially when you know you are going to file.