Cash on Hand?

[qwerty64]

Anyone know the limit on how much cash you can have when you file Chpt 7? Since all my credit cards have been canceled I keep $1000 in my checking account for life's little emergencies. I'm guessing the trustee would seize some of that.

What's the limit?

[nekom]

I don't know that there's a limit but at the time I filed I had about $2000 in the bank and roughly $500 in cash listed and the trustee didn't seem at all interested in any of it.

[daylate]

It depends on your state exemption-or federal if that is an option for you(not in Indiana)-you can also use a wildcard exemption if allowed to exempt cash

I just did a bit of research on Indiana exemptions and I don't see cash specifically exempted-looks like you'd have to exempt under the wildcard exemption-assuming cash is either real or personal property-I would assume it is personal but not sure-anyone?

Also seems to exempt unemployment payments and workers comp as well as most public pension payments and Social Security is exempt-so if you can prove cash is from any of these sources it is exempt (but be careful if any of those payments are comingled with your paycheck)

Bottom line is you are only concerned with Indiana's exemption (assume you are filing there) -ignore comments from those from other states-their experiences don't matter to you

[oregonpilot]

When i filed my attorney said that $500 was the max i could have. Otherwise it was by, by to anything over that amt.

[backtoschool]

Cash on hand that can be exempted depends on what state you are filing in. Cash on hand would be a cash exemption and would go under either your state's cash exemption amount or the federal cash exemption amount if you are using federal exemptions.

[OhioFiler]

I don't know that there's a limit but at the time I filed I had about $2000 in the bank and roughly $500 in cash listed and the trustee didn't seem at all interested in any of it.

I would not suggest this strategy to anyone.

[chicagoannie]

I was told to have less than $150 in the bank. (I only had $0.14, so no problem there!)

[oregonpilot]

I was told to have less than $150 in the bank. (I only had $0.14, so no problem there!)

Just think annie....you had 7 times your 2 cents worth. LOL

[chicagoannie]

Just think annie....you had 7 times your 2 cents worth. LOL

BAHAHAHahahahahahaaaa....you are too funny, oregon!

[helpme2010]

check your state exemption and keep as much as you can on hand, you will really need that cash to live off of once the bk is over.