Im new here...few questions

[MarBaSxx]

Im filing bankruptcy and have 30,000 plus in debt. I dont really have any assets, i have a car that my dad bought for me but its in my name. My questions are this...I dont have a bank account but I use one of those prepay walmart moneycards to make purchases online. Can that information come into question? I just bought a new computer with some student loan money I got from college. I dont want that to be held against me. The total purchase was like 400 dollars.

[MarBaSxx]

I guess my question is I havent had a real bank account for like a year but just use the walmartmoney card...which i load money on to. I think its just like cash but im not sure. Anyone have any ideas on this

[creditguy]

If you are getting ready to file I think it would be wise to not put in cash into this prepaid account and keep the balance low until after you have filed. Any cash in a prepaid account like this will probably require payment to the Trustee.

[MarBaSxx]

How would they know of such cash...unless i tell them. I will probably just pull it out and stash it in my closet but i guess i just want to know if they can see cards like this. The card isnt reported to my credit report so im asking if im in the clear

[creditguy]

"The card isnt reported to my credit report so I am asking if I am in the clear."

I guess this means that this card is not a prepaid Visa/MC. It must be a debit card from Walmart's banking arm then. That would explain why it would not show up on your credit report. You could probably get away with it like you said....the only problem is you do not want to get caught by the Trustee for not disclosing it. He will come after you for fraud. To be in the clear....disclose the account and keep the balance at the bare minimum.

[keepmine]

i have a car that my dad bought for me but its in my name

That car's at risk if the equity is above whatever your state exempts.
Have you spoken with a bk lawyer yet?

[MarBaSxx]

Yea a year ago...i have an appointment for tomorrow to update him on everything. The car is a junker though...i thought you get to keep one car..thered be no point in the takin it..it would just sit in a junk yard

[LimpDisc]

How would they know of such cash...unless i tell them. I will probably just pull it out and stash it in my closet but i guess i just want to know if they can see cards like this. The card isnt reported to my credit report so im asking if im in the clear

You need to tell your lawyer about the account. Can't the money be exempted being you have no other assets?

[ApresMoi]

"The card isnt reported to my credit report so I am asking if I am in the clear."

I guess this means that this card is not a prepaid Visa/MC. It must be a debit card from Walmart's banking arm then. That would explain why it would not show up on your credit report. You could probably get away with it like you said....the only problem is you do not want to get caught by the Trustee for not disclosing it. He will come after you for fraud. To be in the clear....disclose the account and keep the balance at the bare minimum.

Pretty sure that anything done online with a card --prepaid or otherwise -- can be traced. The question I have is ... I keep reading that it's important to have a low bank account on day of filing, but since I am in CA, I can use exemptions (provided I haven't used up the Wildcard exemption) to protect any cash funds, correct?

[ApresMoi]

If I were you, I would not 'hide' assets. That would be committing bankruptcy fraud.

How would they know of such cash...unless i tell them. I will probably just pull it out and stash it in my closet but i guess i just want to know if they can see cards like this. The card isnt reported to my credit report so im asking if im in the clear

[MarBaSxx]

What about if the only money i have is student loan money...money i have to payback anyway...i pretty much live on student loan money