Filed yesterday and have money!!!

[rjones04]

ok here is the deal..... I filed yesterday (unlucky fri the 13th haha) but my paycheck is getting ready to come thru. yes told lawyer he is aware of this but aside from paying my limited bills am i allowed to save money or should i withdraw? From my understanding, I hear you should keep your bank account at a low balance until discharged because the trustee can review your account at any time? Is this true? ALso, 70% of my paycheck went to bills and honestly I have tons of cash now that will be coming in.

[nc73]

must be nice to have tons of cash coming in...

[rjones04]

no you don't understand.... i was upside down with massive debt with my entire paycheck going to that. now i only pay car note, rent, etc with no debts. no i am not rich just with tons of money sitting around, but im concerned that a few hundred left in a bank account could be view negatively. THis is not a joke yes i still have responsiblities, just im not paying 70% of my paycheck to debt now.

[nc73]

no you don't understand.... i was upside down with massive debt with my entire paycheck going to that. now i only pay car note, rent, etc with no debts. no i am not rich just with tons of money sitting around, but im concerned that a few hundred left in a bank account could be view negatively. THis is not a joke yes i still have responsiblities, just im not paying 70% of my paycheck to debt now.

eh I was messing with ya. The point of filing is to have money left over.

[rjones04]

lol gottcha.... guess u got me good! but seriously, do you recommend withdrawing money or just let $300 sit there for the trustee to see?

[nc73]

lol gottcha.... guess u got me good! but seriously, do you recommend withdrawing money or just let $300 sit there for the trustee to see?

I didn't think they could take your money after filing. I'd just leave in the bank.

[eventsdj]

Yes, we are Filing in Friday, the 20th. Incase I didn't think we needed to file, I paid our monthly bills, and we have $24.00 left.
I hope the trustee dosen't have a problem with that

[Amy26]

All that matters really is what the balance was the date that you filed. Most trustees will ask for a bank statement that shows the balance on that day. After that, they should not inquire as to the balance. You are filing to get rid of your debt so you can live. I barely had to show any documents leading up to my filing and zero after I filed. You should be fine. However, if you are selected for a random audit they may look at everything more closely...but even then I don't think they will be paying attention to your current money but what you were spending on in the past.

[DeadManCrawling]

A few hundred dollars won't get their interest.

Now, if was a few hundred THOUSAND, deposited the day after filing, they would be VERY interested.

You are fine, I think.

Good luck, and congrats on the new beginning. I hope you (and the rest of us) get it right this time.

[PdxDavid]

ok here is the deal..... I filed yesterday (unlucky fri the 13th haha) but my paycheck is getting ready to come thru. yes told lawyer he is aware of this but aside from paying my limited bills am i allowed to save money or should i withdraw? From my understanding, I hear you should keep your bank account at a low balance until discharged because the trustee can review your account at any time? Is this true? ALso, 70% of my paycheck went to bills and honestly I have tons of cash now that will be coming in.

We had about 800 in our account the day of filing. In our 341 the Trustee asked if that was true. We said yes. That was it.

One thing to remember and I have to think they know this... You do not just live on payday. You live all through the month... So, if your check is deposited and you have money in there after paying your initial bills that doesn't mean you live free for the rest of the month. Know what I mean?

[rjones04]

yes that is true David and i know what you mean. My payday is the 15th but i filed friday the 13th. On the morning of the filing, the direct deposit had already hit the bank account. I informed my attorney, but luckily he said it will be fine since i qualified with the exemptions. Thank God for those! Otherwise $1k would see there as a potential asset for the trustee. THanks for everyones help. Also, i know it way early in the game right now, but when should i look at rebuilding such as a secured card. Say 6 months past the discharge date? I am only interested in buying gas/pay in full every month, but want to re-establish when the right time comes. Any advice?

[tjs1970]

yeah, i am going to make sure there is no money coming into my bank account for 90 days before i file....... I'll spend it in mexico

[drowningNdebt]

I don't understand how you have tons of cash and did a chapter 7 BK? There are limits on disposable income that can't exceed I think $150 month. Perhaps you will be turned into a CH 13 BK case.

[ForumReader]

I don't understand how you have tons of cash and did a chapter 7 BK? There are limits on disposable income that can't exceed I think $150 month. Perhaps you will be turned into a CH 13 BK case.

I was wondering about that. Perhaps the OP can specifically explain better what he meant by having tons of cash left after filing and how he managed to qualify for CH 7.

[rjones04]

well since it seems to be alot of sarcasm taking place about my question, i dont think i need to explain the details. After all, it seems my question is being blown out of proportion. It was a simple question, but was blown out of proportion. Thanks for your smart sarcastic advice, very helpful and you just answered my question.