Help me so I don't make any mistakes this week

[jb300]

I think I will be filing by the end of the week. Right now I am waiting for 2 more checks to get to me A/R so I can get them deposited, sub contractors paid and get the bills I need out of the account.

Help me make sure I am remembering everything.
1. $1000 or less on day of filing in all accounts and cash on hand.

2. Any checks I write this week need to clear, so is money orders the way to take care of bills? When I get them at the post office I use a debit card and that should take it out of the account right away I think.

3. Pray a lot that this goes smoothly.

[inpain66]

sounds like you are okay. Good luck.

[StartingOver08]

You are right about the checks. Make sure all past checks have already cleared your account.

Take your money orders from the bank rather than the post office unless you are using cash rather than a debit card. Some debit cards post instantly, some take a day or two to post.

Did your attorney exempt the $1000 on your petition? The amount that is indicated in all of your accounts and cash on hand is listed in the petition so you and the attorney are working toward whatever figure you have agreed that fits in the exemption amount so that the balance on the filing date matches what you have stated in the petition.

[jb300]

Thank-you for letting me know about the debit cards situation. I will get them from the bank then.

My attorney is getting everything ready then we will review it later this week and then file. I will make sure the exemptions are on there. He is the one who told me about the 1K so I am sure he will exempt it. Will double check though.

[JoeBankrupt33]

When I got money orders, I went directly to my bank. The money was withdrawn immediately from my account and the money orders were free.

I took a look at the IA exemptions, and it looks like you have a $1000 wild card to cover whatever cash you have left over.

[kathy4530050]

There is something about this I don't understand. If you take your money out of the bank, or just leave in the amount you're able to exempt, wouldn't the trustee ask you for the cash you have on hand? If they can see from your bank records that you withdrew your cash, and this is cash they would have seized, what's to stop them from demanding that you just turn it over? Anyone?

[StartingOver08]

There is something about this I don't understand. If you take your money out of the bank, or just leave in the amount you're able to exempt, wouldn't the trustee ask you for the cash you have on hand? If they can see from your bank records that you withdrew your cash, and this is cash they would have seized, what's to stop them from demanding that you just turn it over? Anyone?

You are allowed to have the EXEMPTED funds either in your account or as cash on hand as long as it is the amount exempted.

The funds the OP is talking about are being used for debt, it appears from the OP's original post. The OP will have receipts for these payments and include the payments on the petition where appropriate.

If the Trustee decides to go after the funds as a preferential payment after the filing, that is the chance the OP takes. Some funds the Trustee will NOT go after typically include attorney's fees and payments for priorty debt (taxes).

[kathy4530050]

You are allowed to have the EXEMPTED funds either in your account or as cash on hand as long as it is the amount exempted.

The funds the OP is talking about are being used for debt, it appears from the OP's original post. The OP will have receipts for these payments and include the payments on the petition where appropriate.

If the Trustee decides to go after the funds as a preferential payment after the filing, that is the chance the OP takes. Some funds the Trustee will NOT go after typically include attorney's fees and payments for priorty debt (taxes).

Ok. Thanks, I see.

[justbroke]

Some funds the Trustee will NOT go after typically include attorney's fees and payments for priorty debt (taxes).

You can add to that... payments on secured debts like home or car.

(You're getting real good at this StartingOver08!)

[StartingOver08]

You can add to that... payments on secured debts like home or car.

(You're getting real good at this StartingOver08!)

Thanks. I think I'm spending too much time here....

[kathy4530050]

Thanks. I think I'm spending too much time here....

No! StartingOver--you are NOT spending too much time here! You have provided me with tons of valuable information--don't go away!!

[jb300]

Yes, I have A/R coming in early this week. I have 2 sub contractors that have wages that have to come out of that. Then I have to pay electric bill and house payment and my cargo trailer, that I use for work. The other things I will purchase if I need to use anything else is a little bit for work supplies. I have to wait to file until I have this taken care of. My attorney said I would be fine as long as I took care of this stuff before I filed.

I will have reciepts for everything and I will be under the 1K exemption for my state.