will they take my savings?

[FSU123]

My wife and I are getting ready to have to file bankruptcy. I was honorably discharged from the military last year due to a back injury i recieved. I have yet to be able to find a job, and we are still waiting to hear about my disability rating so that I can start getting a small income from that. I am in school and my wife works full time while being in school. We are going to be filing ch. 7 due to a large amount of CC debt we accumulated while we were younger. Its a mix of having to use them to get by at first, and being stupid with them later on, thinking as long as we made the payments, we were ok. we did fine while i was in the military, and now we dont. We dont own a house yet, and have 2 cars, but our lawyer advised us we would be fine and not have to include them with the bankruptcy. Within the next week or two, we will be recieving about 8,000 or so in student loans that we took out since I cannot find a job. The plan is to put it all into savings, and only use it if we absolutely need to, and pay what we dont touch back at the end of the semester. I know that we cannot discharge student loans in bankruptcy, and im not trying to do that. I just want to know if they will be able to take those funds when they see them in our savings account?

[BassBoy]

You're allowed to have a certain per person when you file........$400 each I believe. Since you've consulted with an attorney. He/She will advise you of what you need and/or need to have, and what you shouldn't need/and or need to have.

[backtoschool]

If you put the student loan money in the bank as cash, you will have to exempt it, or it will go to the bankruptcy estate.

[OhioFiler]

Thank you for your service to and sacrifice for our country.

[AngelinaCatHub]

Thank you for your service to and sacrifice for our country.

Ditto that.

I would be very careful with that student loan. Get by without it if you can. It is like digging your hole deeper. About the cars, why your lawyer said not to list them I can't understand. You must list everything and yes they are included in your estate. They may be exempt but they are what you own. Draw your accounts down to the lowest amount you can to keep them open. Close no accounts and move no funds to hidden valleys. Purchase and pay only exempt bills, (food, rent, clothing, etc.) and buy no toys at all.

Ask your lawyer what he means about the car. C7 book by Nolo press is recommended. $17 bucks pdf download nolopress.com . 'Hub

[FSU123]

when i say not to include them, she said we would be able to keep them. they will be reported, but exempt. sorry for the confusion. We are going to try one last time to call our creditors and see if we can settle with them, as I would much rather do that, than file bankruptcy, but we will have to see if they will all settle for what we can afford

[mtbc]

While settling may be preferable for all manner of reasons, do bear in mind that you probably owe the IRS taxes on whatever fraction of debt is forgiven outside bankruptcy, so include that in your calculations.

[backtoschool]

when i say not to include them, she said we would be able to keep them. they will be reported, but exempt. sorry for the confusion. We are going to try one last time to call our creditors and see if we can settle with them, as I would much rather do that, than file bankruptcy, but we will have to see if they will all settle for what we can afford

If you exempt them then they will be fine.

[jtcohenour]

I went through a med board last year. I was told that If I was discharged and received at least 20% disability rating I could have went to school on vocational rehab for 4 years for free.