Urgent please help - can they take my money?

[StaciMM]

All I've ever read is that the sum total of your cash, etc. at the time of filing is what makes up your BK estate. If you have $2500 in the bank and checks written but uncleared on $2400 of that, it doesn't matter that in your mind the $$ is already spent. To the court, its an asset. If you have more than your exemptions allow, the trustee can take it.

Every tip I've seen is to file when your account (actual) balance is low, unless you can exempt the balance. FLGirl-do you have a wild card you can use? If so, you can amend the petition.

Having records of where cash went is more an issue for before filing. Such as if you sold your car for $10,000 and used that to buy a $2000 car (assuming your state exemption for vehicle covers that value), and to pay the IRS, rent, groceries, etc. (Trading a nonexempt asset for exempt asset is ok, and paying priority creditors or regular expenses is ok.) Having the money and intending to use it for other things at the time you file can be a costly mistake.

In reality, the trustee may not ask for bank statements or other documents. If he doesn't ask, don't offer them! If he sees that you had the $$ at the time of filing, and it is not exempt-he'll most likely take it.

[StaciMM]

That would help-if the source of the deposit was exempt. (I didn't know some states exempted tax refunds.)

[ana]

I did not think tax refunds were exempt either after visiting this forum until I got Nolo book. I also checked under the Florida SS to make sure. The exemption was there so I used it. I have not filed my tax return yet, because for the last two years a creditor has received it. Since I am entitled to a refund I will not have to pay penalties for filing late. I am not filing my tax return until I am sure the creditor has notified the Department of Treasury to stop taking my refund. I could really use my refund to get my car fixed. I have been holding off on repairs because if my car was working it would be worth more than the allowed FL exemption. It needs $1100 worth of repairs and I have the estimate to prove it if the trustee should ask.
I read the the exemption to include deposits of tax refund to a traceable account. All my income is exempt also since it consist of veteran and disability benefits. My alimony payments are also exempt. My total assets after my divorce are less than $7000.
I am not an attorney nor could I afford one.

[AAAArt]

i withdrew $3900 from my checking account 2 days before I filed. My bank's cashier's check machine wasn't working, so I went to the Post Office and got money orders;
$3200 to IRS for estimated taxes due for 2005 (Half of my income is Self Employed, so I have to pay taxes and Soc. Sec. Self Emp. tax as you are prob. well aware. I had been covering it by having extra taken out of my paycheck from my full time job, but lost it in Jan. and my medical disability is taxable and nothing is withheld. Acct. est. taxes to be around $5000 for 2005$400 for state estimated taxes.
$23.47 to state to release a tax lien which should have been removed 5 years ago
$237 for my wife's car payment
$78 for cable bill.
That still left $689 in my account, w/ checks written and outstanding for $679 and $55 in my wife's account w/ a $50 check not yet in.
My attorney said that was fine. Just keep the receipts for the MO's and that the court couldn't do anything about checks twhich were already written, but that we had to list the remaining balance in the accounts.
My guess is that you either need to amend or quickly write out the check's for car payment, rent, etc. and make them fight to try and get them back. In fact, If you can't amend, then I would withdraw "bill" money and pay them by bank check or money order. You don't want to leave that much money unprotected in your checking account based on future expenses. Too temptomg for the trustee and too difficult for you to prove. (Okay, I see you didn't have a good month in Sept., but how do I know you won't have real good months in Oct. - Dec.? )
Best of luck.

[FLGirl]

By the time my trustee meeting rolls around, at least half if not more of that money will be gone on living expenses. As of filing date, which is mid month October, at least half of that will be gone for sure for November's bills.

How could they take money from me that I will not have???

[ana]

For FL girl read my previous email about Florida exemption for Federal Income Tax

[FLGirl]

Ana

Thanks, Ana

I did read it, but I'm confused.

Is that a separate exemption from the $1000 personal property exemption limit???

I thought that IN TOTAL you could only exempt $1000 in personal property/assets in FL

Thanks!

[quest42]

My local court clerk said they charge $26 each time any amendments are submitted. Be prepared, just in case...

[ana]

for FL girl
I am confused now. I thought the exemption was in addition to the $1000. I am not an expert and I probably screwed up. I am sick about it. I thought because it was listed separately under personal property it was an additional exemption.

[FLGirl]

Hi Ana

Yeah from everything I read it seems the maximum in FL is $1000.

Join me we'll be sick together I think I'm going to have a nervous breakdown now. So what? I'm not supposed to have ANY money, AND no credit to fall back on if for example, my car breaks down, which, I use my car as an outside sales rep daily???? I can't make a living without it, nor can I fix it if I have NO money because THEY take it ALL, and also they can take your future tax return coming up.

I'm seeing a lawyer on Monday. Not sure what he can do for me but I am going to ask him to help me amend my schedules, and for advice

I don't know what else to do, but go refill my Xanax.....

[butterflyness]

How could they take money from me that I will not have???

The reason my lawyer told me to not have anything greater than 50 bucks in my account, other things such as my tax return or whatever, he said that the trustees can take it. So if i have 500.00 in my account, even if i wrote out checks for all of that, it just hadnt been taken out yet, he said they can still take it. If that had happened, i can just see it now. They taking the 500.00 plus all of my checks bouncing, plus the overdraft fee, and returned check fee. Wow, i would prolly end up having a -$2,000 balance at my bank account, and they wont care.

[sunshine08]

I agree, pay ahead, kinda a reverse savings. It will give you piece of mind that your bills are paid and should lessen your stress level. (try an extra XANAX) Don't go crazy, keep all receipts, take another xanax, plus if you get an attorney, he has to be paid. But for you, I promise he is going to earn every dollar keeping your med levels level, serious, work on what you can this weekend and see what he to say. Hopefully you will know who the trustee is by that time and your attorney will know more about how to proceed.