checking/file day

[fyi2]

OK i know this has been hashed out and i wish i could find the posts but

I am filing this week and there is a DANG check that has not cleared for 450
so I have 455 in the bank
Now i am like COME ON cash the dang check already!

I dread that I will need to postpone the filing day

(Nevada)

[AngelinaCat]

If you can go to an ATM and withdraw that amount, do so. Use it to pay toward your store able canned food and household items such as laundry soap, shampoo, body soap, paper towels, toilet paper--things that you KNOW you will use in the future, but may not be able to get without some type of assistance (i.e. food).

It is also permissible to have an 'Emergency Fund' in your wallet, just in case. My hubby, AngelinaCatHub, and I each carry a $100.00 bill in our wallets for emergencies. I mean REAL emergencies, not, "I have run out of my favorite beer" type of emergency, but a REAL one, like when your car is broken down on the wrong side of I-40 in the Smokey Mountains, and the only vehicle that will get you off that mountain is a roll-back truck driver.

Just don't declare it, because for everyday purposes, it does not exist.

[fyi2]

spent

The money is already spent .. I just need the checks to go through!!
I am waiting for 3 checks to go through, the last one was last friday I thought it would have gone through by now

for crying out loud i hate it when business's don't deposit the dang checks right away... messes up my check book too


I don't thnk Nevada has cash exemptions so if it doesn't go through tomorrow then i will have to ask attorney to hold on filing (anguish)

[lrprn]

I am filing this week and there is a DANG check that has not cleared for 450 so I have 455 in the bank. Now i am like COME ON cash the dang check already!

If you are filing with a lawyer, ask how much you can have in your account on filing day. Trustees are unlikely to go after small amounts of cash (and $455 is not much cash to go after) because it takes a lot of time and paperwork to get it.

If you are filing pro se (without a lawyer) and don't know how much cash the trustees in your local court are ok with in an account on filing day, then you can consider doing one of four things.

Option One: Before filing, withdraw the money to get down to the desired checking account level you want. Put the low amount in your account on the forms that are filed with the court. The day after filing day, deposit the money back into the account. If the check bounces during the time the money is out of the account, then you will have to pay the insufficient funds fee.

Option Two : Call the person/company you sent the check to, tell them you have to put a stop payment on the check. Withdraw the cash the day before filing. File listing the low account amount. Redeposit the funds and send the check out again the day after you file.

Option Three: Do nothing. file with whatever amount is actually in your account on filing day. Chances are your trustee isn't going to care about $455 in the account. And even in the very unlikely situation that he/she does care, the trustee can't go after $450 as a preferential payment because it's under the $600 limit allowed to one unsecured creditor in the 90 days before filing.

Option Four: Wait until the check clears and file then.

Let us know what you decide to do. Good luck!

[fyi2]

options

Those are well thought out options.. Thank You!

I will ask tomorrow at signing about the amt. and attorneys advise
and I will also show the attorney a photo copy of the check duplicates
I really don't know that it will matter.. but one could say since the money is pending payment it isn't technically mine...

Thanks again

[lookingforward]

I had a similar situation, I have been waiting for a 690.00 check and a 398.00 check to clear for a while. I asked my lawyer what to do, he said to spend the money on other bills, because it will be a lot cheaper for 2 nsf check fees if they happen to bounce, than for them to take the 1088.00.
Made it all a lot clearer to me! I'm risking the 2 bounced checks, but I'd rather that than losing the money to the trustee.
My lawyer also confirmed with me that the court does not take outstanding charges or checks into consideration when reviewing your checking account balance.

[fyi2]

2 of the 3 checks went through today

I am still waiting for the 3rd for $350 my actual balance is 352.60

the irony is that i just switched banks so when I wrote this check the first time 8days ago my direct deposit hadn't gone through so it was returned then i quickly wrote it again last friday (first time took 2days) and here i am again possibly letting it get returned again, it is for my DD's rent .. i really don't want that to happen

I will talk with attorney today
i might just end up waiting until the check goes through