Bank account question

[2sad4this]

Hi, I'm new to this forum. I found you while I was googling bankruptcy info. I am almost ready to file, hopefully this week. I've been looking around in the forum and have found some answers as well as insights.
My question pertains to my bank account at the time of filing. Almost all of my utilities and monthly subscriptions are on auto pay. I've tried to spend down any extra money in my account without making it obvious. Our history will show that we do buy a lot of normal purchases at a time as we live in the country and we make the trip to a bigger city only when we need to. Will the trustee keep enough in my account to cover the auto pays? What about money for gas and groceries? I want to file before my next pay check which will be on Friday. All of our income is on auto deposit as well. I'm worried that if they freeze the account there would be a lot of fees from these companies not getting their regular payment.
I am using a company to prepare my legal papers and not using an attorney. I do have some limited access to one, but I can't call this weekend and really need to know. Thanks for any help you can give.

[tobee43]

you don't mention if your filing chapter 7 or chapter 13. we filed a 7 and this is really how it went.


it's a bit interesting as far as it works with the bank accounts.

in our state you are only allowed to have $100 in it at the time of filing. of course, we never, ever had only $100...since we paid ALL of our bills via the that bank account. of course....if you past the means test etc. you will be fine. (really after paying ALL our expenses we had ZERO).

we would make our normal deposits and bill paying withdrawals. the courts are looking more for inconsistencies than anything else.

[2sad4this]

We are from Minnesota, and we are filing chapter 7. We are probably better off than some as we own our home and cars. That said, we live in an old mobile home and drive old worn out cars that need work. All of our debt is unsecured and over half of which was due to a failed home-based business. It has taken us a long time to finally decide to file, and now that one of the creditors is suing us we felt that it was time. Thanks for letting me ramble on.

[tobee43]

ramble anytime 2sad....that's why we are all together here...just to help support each other through our hard times.

we feel the same...luckier than most although we lost our house of 33 years...and surrendered one of our cars. we still have so much to be grateful for and actually feel blessed with food on the table and a roof over our heads...(and occasionally some grey goose!! LOL).

check out all the info for your exemptions etc. on the site below, it can give you a bit more of what to expect from your state.

http://www.bkforum.com/wiki/Minnesota

[wnguyen]

Welcome aboard 2sad4this. I'm also a Minnesotan here. I noticed that there were quite a few Minnesota folks here already.

From what you wrote, I guess you don't have much asset to worry about. Since MN allows you to choose either exemption (state or federal), you can go with the one that's best for you. If you have a lot of equity in your estate, then state exemption is better, otherwise, use federal. Speaking from my experience, at the time of my filing, I had a little more than $1900 on all of my bank account and not a penny went to the bk property. Two cars the trustee abandoned. Since I don't own a house, my attorney chose federal exemption and the catch-all allows another $11000 in exemption in addition to $11000 on household goods (provided that no one single item is valued at over $550). Pension, IRA, etc. are all exempted. There were some more but I don't remember. Tobee had the great resource for you then.

Tobee, if you go up here and visit MN, you could have some chance chasing some wild geese

[tobee43]

Welcome aboard 2sad4this. I'm also a Minnesotan here. I noticed that there were quite a few Minnesota folks here already.

From what you wrote, I guess you don't have much asset to worry about. Since MN allows you to choose either exemption (state or federal), you can go with the one that's best for you. If you have a lot of equity in your estate, then state exemption is better, otherwise, use federal. Speaking from my experience, at the time of my filing, I had a little more than $1900 on all of my bank account and not a penny went to the bk property. Two cars the trustee abandoned. Since I don't own a house, my attorney chose federal exemption and the catch-all allows another $11000 in exemption in addition to $11000 on household goods (provided that no one single item is valued at over $550). Pension, IRA, etc. are all exempted. There were some more but I don't remember. Tobee had the great resource for you then.

Tobee, if you go up here and visit MN, you could have some chance chasing some wild geese

LOL!! i have before...and they are actually pretty messy critters!!! they need wild geese potty houses...

[wnguyen]

LOL!! i have before...and they are actually pretty messy critters!!! they need wild geese potty houses...

or you'll end up being chased by them LOL

[2sad4this]

Thanks wnguyn and tobee,
Your help is appreciated! My accounts totaled about $1300 yesterday and my insurance and electric comes out of that. I'm going with MN exemptions as we own our home and land, around $69000. This has been a tremendous amount of work and research and will be so glad when this is all done. My husband is disabled and hasn't been much help to me. I sometimes feel the whole weight of the world on my shoulders and have recently added an antidepressant as well as high bp med to my daily regimen. I am so glad I found this place. Thanks again!

[tobee43]

or you'll end up being chased by them LOL

oh...i know...they are aggressive things..but i still think them lovely...

[tobee43]

Thanks wnguyn and tobee,
Your help is appreciated! My accounts totaled about $1300 yesterday and my insurance and electric comes out of that. I'm going with MN exemptions as we own our home and land, around $69000. This has been a tremendous amount of work and research and will be so glad when this is all done. My husband is disabled and hasn't been much help to me. I sometimes feel the whole weight of the world on my shoulders and have recently added an antidepressant as well as high bp med to my daily regimen. I am so glad I found this place. Thanks again!

with pleasure....2sad....just stick around and we're all here to help you through this terrible time. we all know the highs and lows and just how difficult this can be.
please make sure and keep us posted!!!!