Wages exemption?

[Jgoodall08]

I'm In Ct. One of our exemptions is
75% disposable earnings. What Does that
Mean?

[daylate]

Let's say you make 100/wk-you file right before payday=you can exempt $75 (75% of 100)

[Jgoodall08]

Thanks. I'm confused as to when the
Trustee can just remove money from the acct
Or claim it. Is it the day of filing and the days of the
341 only? Is it the entire time from start
To finish? Im thinking I need to withdraw all the money
From the acct and live off mOney orders.

[daylate]

I think if you withdraw the money and buy money orders you need to have sent them-otherwise it is just like you have the money. You need to check the rest of CT exemptions and if you have wildcard exemptions-CT has at least 1,000 that you can use to exempt anything including cash. If you don't have a house with a lot of equity (or no house at all) you may be better off using Federal exemptions which will allow you to have over 11k of wildcard exemptions. You need to read through this forum a bit about exemptions or download the NOLO book to learn more about exemptions and things. Also consider talking to a few CT attorneys to see what they say about your situation. Good luck.

[discouraged]

I took most of my money out but my lawyer said he's going to get that exempted anyway. BUT, even if you take it out, you have to be very honest and put down what money you have, whether it's in the bank or in your house. They are well able to add and subtract and you will be submitting all your financial statements (through your lawyer) so it doesn't matter where you have it. If the trustee wants it, he/she will ask for it.

I took mine out just in case a creditor tried to get it. But I was very honest and can explain what I spent monies on, keep receipts and a running tally of what I spend.

Look at it this way. You will be getting rid of all the credit card debt and whatever else you have (outside of some things which are not allowed; student loans, etc.) so if the trustee wants some of the money, hey, it's a drop in the bucket compared to what you are saving. And, as DayLate pointed out, there are exemptions and your lawyer can walk you through them.

Mine is confident that I will be able to keep everything (except the house, which is so underwater it's not funny).

[Jgoodall08]

I know what ya all are saying. I just don't want
Them taking my 2000$ mortgage payment
Out of my acct or grocery $. There is no
"extra" money but there can be 3000$ at a time I'n there
Waiting to be cleared. The atty is checking
Out all my numbers now to see if I qualify.
I'm getting an 8k tax refund next week too
That's also stressing me out. I have no idea what
I'm supposed to be doing right now. My checking
Acct is with a bank I have a credit card with
On top of it. Do I have to keep track of every cent before I file?

[discouraged]

In a sense, just in case, you should be able to account for the major portion of your monies. I put all my recipts in envelopes for each month, just in case. I may never have to account for it, but if I did, I have proof of the majority of what I spent.

As for the bank - see what others are saying, most say to start a new account in another bank if you have a cc with the one you're at, but I am still a newbie here so wait for expert advice. Maybe do a search for bank and credit cards to start. Good luck. This is nerve racking but as you come closer to the end, it brings a sense of relief.

[daylate]

Definitely move the cash to another bank-better safe than sorry
and as many here have told many others-take a deep breath-work with your attorney and things will be ok.
To me if you have equity in your house and want to protect that then you have only a 1k wildcard in CT which could be a problem.
Time may be an ally here -give yourself some time to spend the refund. Time your filing so that you have minimal cash in the bank.