How much money should I have on Hand the Day I file using Federal???

[Fallonedward]

Just want to make sure I have enough to live on till my next paycheck in two weeks

[keepinitreal]

I would suggest filing a couple of days before your payday so that you'll have a minimal amount of cash on hand, and you won't have to wait two weeks until your next paycheck.

[geye]

Fallen, I answered on the other one, but you may want to check with your attorney. For us it was NOT day of filing; it was how much we had at the end of the month preceding filing.

[free2breathe]

We almost lost big on this one. I waited to file until we had a fairly low balance, but I had to mail my petition. So, on the "official" date of filing, my husband's check had been deposited, as shown in our bank statement. Thankfully, I was able to plead with the trustee to consider the amount that I had on the petition matched the amount on the statement the close of the business day before the courts officially entered the petition on the books. We could have lost his entire paycheck plus.

We also have no cash exemption in our state, so that hurt.

[dumpinmydebt]

I had $85. And that's how much I exempted as "cash on hand."

[despritfreya]

The answer depends on whether or not you can exempt the money in the bank. In my jurisdiction the funds in the bank are exempt up to $150.00. (Cash in the mattress is not exempt.) In addition, timing the filing so that you will receive your paycheck after filing may also have consequences based upon an allowed exemption for wages due but not yet paid. You need to discuss with your attorney when to file so that the amount of $$ that is non-exempt is at its lowest.

Des.

[Fallonedward]

I emailed our attorney on Tuesday and thus far no response on this question. I have $400 left in my checking but that has to last till I get paid on the 15th. Hubby has 1.36 in his account so I'm not worried about his account. So hopefully I will be ok. We file tomorrow and are using Federal so I will have a wild card to use to exempt

[carlsbadmike]

Bank Account Balance

Even though our exemption here in Missouri is $600 in cash, my attorney said to have less than $1000 in account and I would be safe.

[Fallonedward]

oh thanks

[backtoschool]

oh thanks

Since you are filing in Michigan with federal exemptions and are not using your homestead exemption because your house is underwater, you can exempt whatever you need to as the $10,500 wildcard that you can use as your unused homestead exemption. This should cover your paycheck.

[carlsbadmike]

Our wild card exemption in Missouri for a single person is $600, which seems very small compared to other states.

[Fallonedward]

BTS, not only did the $10,500 wildcard cover my small amount of monies I had on the day I filed my brilliant attorney also exempted my 2010 tax return up to $7,000. Since we have paid the last few years, I'm not expecting anything but in case I do get lucky and get a refund I get to keep $7k of it.

Such a good attorney I have

Since you are filing in Michigan with federal exemptions and are not using your homestead exemption because your house is underwater, you can exempt whatever you need to as the $10,500 wildcard that you can use as your unused homestead exemption. This should cover your paycheck.