No Bank Account????

[jamesd1967]

Since I have filed bankruptcy (Chapter 7), I have not had a savings or checking account. I have been either paying things like cable or power bill in person (cash) or with a postal money order. I was told by more than one person that it is not a good idea to have much money in the bank when filing Chapter 7. My question is: (1) will it look rather suspicious to the trustee that I do not have a bank account?? (2) Am I supposed to claim any "cash on hand" to the trustee during my 341 hearing??? We have been keeping our money in a small safe in the house. Just a small safe purchased at Target.

[Dannmcg357]

He may ask for bank statements, so if you made large withdrawel's of more than $1000 90 days prior to filing it could raise some questions. But your only concern is money in the account on the date you file. I don't see any harm in using your bank account as you did before. CH7 is a snapshot of your finances on the date you file. I don't know about saving money in a bank b4 your 341, some say its ok, others say wait until after 341.

[StartingOver08]

The date of FILING is the important date. The income in your bank accounts and cash on hand is to match the amount you state in your petition.

It shouldn't be a problem at all if you do not have a bank account, but the Trustee will probably want to know where you have been keeping your funds. You may not be asked to provide proof of your expenses, but be prepared just in case the Trustee asks for proof at the 341. Do not volunteer information, only provide answers to questions the Trustee asks you.

You are not expected to forgo income between the filing date and the 341.

[jamesd1967]

So, should I bring the past 90-120 days copies of my cable and power bill statements. Should I bring a photocopy of the money order receipts that I used to pay my landlord????

[music12]

the cash you had on the date of your filing should already be listed in your petition. what you happen to have on the date of your 341 doesn't matter. and not having a bank account should not be a problem - these banks charge so many exorbitant fees that it's totally reasonable not to have money in there these days! if the trustee asks, just tell them exactly what you said here - that you keep your money in a safe at home (though i'd be a little worried actually, if some thief hears about it, you might get a break-in, so if the trustee asks, maybe tell them it's in a safe place and you'd be happy to tell the trustee where exactly off the record...)