what to do with money in acct.

[mickeysfriend]

We are converting from a 13 to a 7 the beginning of April. My dh gets paid once a month and it is on the first. I am going to pay my bills quickly and wont have tons left over, but what do I do with it? Attorney said Trustee can take what is in there so I want to try to have only $50 or so. I cant spend it all because obviously I will need to buy groceries and gas during the rest of the month.

Can I purchase gift cards at the grocery store to use on groceries for the rest of the month and maybe at costco for gas? Is that going to be too questionable? I'm not sure exactly how much $ I'm talking about just yet, could be $500, could be $1000.

what should I do?

[kathy4530050]

We are converting from a 13 to a 7 the beginning of April. My dh gets paid once a month and it is on the first. I am going to pay my bills quickly and wont have tons left over, but what do I do with it? Attorney said Trustee can take what is in there so I want to try to have only $50 or so. I cant spend it all because obviously I will need to buy groceries and gas during the rest of the month.

Can I purchase gift cards at the grocery store to use on groceries for the rest of the month and maybe at costco for gas? Is that going to be too questionable? I'm not sure exactly how much $ I'm talking about just yet, could be $500, could be $1000.

what should I do?

Hi MF,

I will pass along to you the advice that I received here because I think it was good: stock up on personal and household essentials--groceries, HBAs, cleaning products, medicine, etc. Take the dog to the vet, and make appts with your doctor, dentist, chiropractor, etc. Get the car tuned up, have any necessary repairs done, and buy new tires if necessary. For sure you can think of more stuff that you need or need to have done. The point is to spend $$ on ordinary, necessary life stuff. Best of luck . .

[mickeysfriend]

I'm just worried about having some money to get through the rest of the month, should we need it! I have a few things that I should do and will. My daughter also has Prom.

[kathy4530050]

I hear you. When I file, I will have to just keep some cash on hand. We all need gas, $$ for school lunches, parking, etc. Hey, life needs $$ and we HAVE TO have a little around!

[jessegirl]

Hit you debit card up for a few bucks like 50 every now and then. If the trustee asks which I don't believe they will just tell them that you used it for household items here and there. Put it away in a draw until you accumulate the amount you are looking for. You are allowed to live.... When you go food shopping take an additional 50.00 dollars out of the debit with your food bill. If you go and get presriptions same thing add additional money to get cash back. You are allowed a certain amount of money in the bank. Not sure what your exemptions are in your state. The day I filed I had 1000.00 in my account. Naturally, there were bills that i paid that didn't hit the account, but i was never questioned on that money. What did you attorney put down for cash in the bank on your petition?

[willbfree]

I had plans to prepay our utilities for three months but the atty nixed it yesterday. Said we could only prepay one month ahead with extra cash to spend down the tax return.

[JoeBankrupt33]

The day I filed I had 1000.00 in my account. Naturally, there were bills that i paid that didn't hit the account, but i was never questioned on that money. What did you attorney put down for cash in the bank on your petition?

You need to be as safe as possible, and not have money in your account unless you have a wildcard exemption to cover the amount.

My wife and I had combined balances in our checking accounts of $128 and the trustee took it. (He would have taken it all, but in Colorado, you can exempt 75% of your checking account if you can show it was from wages, so he only got $32).

Ofcourse, if the only un-exempted asset was my $128, he wouldn't have touched it.

I wouldn't take any risks with money in the bank.

[mickeysfriend]

thanks everyone. I think I will hit Costco and the grocery stores first thing next month as well as a few other things.

Is it going to look horrible if I purchase a prom dress for my dd? this is her senior year and I can not bear NOT getting her one. That being said, we wont be purchasing a super expensive dress either. I also have senior stuff to pay for. is this going to be ok?

[OhioFiler]

thanks everyone. I think I will hit Costco and the grocery stores first thing next month as well as a few other things.

Is it going to look horrible if I purchase a prom dress for my dd? this is her senior year and I can not bear NOT getting her one. That being said, we wont be purchasing a super expensive dress either. I also have senior stuff to pay for. is this going to be ok?

Get her the dress. The trustee's aren't heartless. That is a normal living expense.

[nervousss]

I had 20 bucks in my account the day I filed. I would have been way too paranoid to have 1000 in there, but then again, I didn't have 1000 so I guest it doesn't matter

Better safe than sorry! I would start withdrawing cash and sitting on it just like everyone else has said. Mostly with purchases, so it doesn't look weird ;)

[AfraidOfBK]

Hit you debit card up for a few bucks like 50 every now and then. If the trustee asks which I don't believe they will just tell them that you used it for household items here and there. Put it away in a draw until you accumulate the amount you are looking for. You are allowed to live.... When you go food shopping take an additional 50.00 dollars out of the debit with your food bill. If you go and get presriptions same thing add additional money to get cash back. You are allowed a certain amount of money in the bank. Not sure what your exemptions are in your state. The day I filed I had 1000.00 in my account. Naturally, there were bills that i paid that didn't hit the account, but i was never questioned on that money. What did you attorney put down for cash in the bank on your petition?

SO - I was planning on doing my shopping and stocking up on dried goods (diapers, paper towels, etc) and also withdrawing 20-40 cash back within my purchase each time....HOWEVER - does the court use this spending history as a way to determine wether or not you an afford things?? I MEAN - I want to reaffirm two car loans, but Im afraid the court will say I can't afford them given the history of my grocery spending (which will obviously appear to be more since I am trying to protect my own money).....

I just dont want them to use it against me...I understand its unliely a trustee will question 20 bucks here and there (especially isnce my food allowance is rather large with a family of five people....) So Im just wondering if theyll blame me for spending too much, and see that there is little room left in budget for two cars (EVEN though we need both!)

AND what about gift cards? Can I buy a couple grocery store gift cards and save them for after my BK? I dont see how they can just take all my money because how am I gonna rent later? I will have to qualify based on having twice the monthly rent in an account and I wont....

Will I even have a bank account? Can they close your accts too?

I am just quite AFRAID, hence my username.