We aren't filing until February, chapter 7 no assets. I was wondering if it would be a good idea to stop direct deposit and go back to getting my checks physically, so when I file I don't run into the problem of it hitting my account the day I file. I just don't want to screw ourselves and have the trustee see that we had X amount deposited but not take in account that rent is due or the car payment is due. Or am I over thinking this?
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Well, presumably you know when it'll go in and you can choose when you file, so you can make sure the two don't coincide? It's part of the bankruptcy estate whether you pay it in to the account to make it easily detected or not.
They indeed don't pretend you have less that you really did because your rent is due or whatever, I'm afraid. If you can exempt enough cash then they'd usually not much mind you using it for necessary things before it's officially yours again. But mostly you're meant to rely on the temporary stay meaning that things aren't due, and spending money you earned after you filed. -
I am probably REALLY over thinking everything. This whole process has me so nervous. I forget about the wildcard, and what is exempt. I think these forums can be very helpful at times and other times you can get too much info, and freak yourself out.Comment
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On Federal exemptions wildcard is $5k-ish, doubling for joint-married filers, and I think you can move unused homestead exemption to wildcard too. Many states are much less generous with wildcard but sometimes much more so for homestead (which you can't normally use to exempt cash).Comment
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