Money in savings?

[westchiburbs]

We will be filing Ch7 in the next couple of weeks. Do you think there will an issue having some money in savings- I am not talking about a ton of money, maybe just a couple thousand.

[MichiganMan]

I had $30.00

I had $30.00 in savings
$130.00 in checking
$12.00 in my pocket

A couple thousand is to much, unless your attorney has room to get it exempted.

I am using an attorney that said I would be ok with a grand or so in the bank, but said she would ask for it to be exempted. She did not have to bother. We filed two days before pay day after I paid all my bills and etc.

[StartingOver08]

Cash is the easiest money for the Trustee to get! Whatever cash you have has to be exempted on your petition. In our state, we have extremely small exemptions - so we can not have cash on the date of filing (I had $100).

Check your states exemptions, see what you are allowed for everything and then allocate accordingly.

[willbfree]

Good advice to check your own state's limit. Our state is extremely low- $150 each person so we had to limit all accounts to be under $300 on the day we filed.

[westchiburbs]

what about actual cash- as in 20s and 100s.
Keep it in the home safe?

[novayalife]

In my state trustee takes 25% of your wages. I too have a couple thousand in the account which would be so nice to continue saving so we always have a buffer in the account and money for rent and deposit when house forecloses. I dont understand why they make you be desolate when you file. What if an imergency arrises?

[StartingOver08]

The theory of Ch 7 is you are liquidating everything, except what is allowed in your exemptions, in exchange for discharging your debt.