Time Limit After Chapter 7 To Save Money

[danohio2831]

i am looking into chapter 7. i was wondering if i file and when the case is CLOSED, how long can they come back after me.

example,
1. if my mom lent, or gave me 5,000 cash for a car.
2. if i got 3,000 from a grandma to just put in my checking account.

what will they look for, and what proof do i need were the money came from?

i am unemployed and my wife can pay the bills, so we file chapter 7, and 3 months after it closes, i get a job, how will that affect it?

ty
dan

[FilingOnMyOwn]

After your discharge you can take on new loans. I would not however be borrowing money just to let it sit in your bank account.

[annikasaunt]

I filed yesterday. Are they going to look at activity in my bank accounts from now until the 341? I don't have anything to put in there, but I would like to start using the banks online bill pay system, etc. I've been doing the money order/cash thing to keep the account low. Do I still have to watch myself as far as having money in the bank goes? I get to use federal exemptions anyways so I have a hight exemption, but I just don't want to have to explain anything at the 341 hearing!

[Rover]

i am looking into chapter 7. i was wondering if i file and when the case is CLOSED, how long can they come back after me.

After your Ch 7 is discharged, that's it. No one can come after you for any of the debts that were discharged in your Ch 7 filing.

New assets, employment, etc. are not affected.

They can only come after you for new debts that you incur and don't pay.

[Rover]

I filed yesterday. Are they going to look at activity in my bank accounts from now until the 341?

It's my understanding that they don't look at your bank accounts after the filing date. They only ask for bank statements up to the month preceding filing, and the trustee doesn't have any practical way to monitor your bank accounts after that. If fraud was suspected, the trustee could ask for more bank account info, but it doesn't sound like that would be the case with you.

From a practical standpoint, in order for a bankruptcy proceeding to work and not be open ended, a date has to be picked as of which assets and liabilities are measured. That's the filing date. What happens in the normal course of business after that doesn't factor in.

If an unusual occurance happened after the filing date, (e.g., a large inheritance) it's my understanding that the trustee could take that if he or a creditor found out about it.

[FilingOnMyOwn]

It's my understanding that they don't look at your bank accounts after the filing date. They only ask for bank statements up to the month preceding filing, and the trustee doesn't have any practical way to monitor your bank accounts after that. If fraud was suspected, the trustee could ask for more bank account info, but it doesn't sound like that would be the case with you.

From a practical standpoint, in order for a bankruptcy proceeding to work and not be open ended, a date has to be picked as of which assets and liabilities are measured. That's the filing date. What happens in the normal course of business after that doesn't factor in.

If an unusual occurance happened after the filing date, (e.g., a large inheritance) it's my understanding that the trustee could take that if he or a creditor found out about it.

After I filed, immediately prededing the 341 my trustee mailed me with instructions on what paperwork to bring, including my two most recent bank statements. So you should wait until after your 341 to do anything that could be frowned upon.

[Rover]

After I filed, immediately prededing the 341 my trustee mailed me with instructions on what paperwork to bring, including my two most recent bank statements. So you should wait until after your 341 to do anything that could be frowned upon.

Just speculation on my part, but I would suspect that the trustee would be looking for evidence of fraud or a large "unexpected" windfall. Money added to your account from, say, wages wouldn't become an asset for the creditors, would it?

Did the trustee take anything deposited in your account after the date of filing?

[Minnymouth]

Two days after you file BK and you deposit $3,000 cash (not payroll) the trustee is going to say "hmmmmm, where did that come from???" Hiding money are we??? Are we hiding a cash asset???

So be very careful about large sums of money showing up on bank accounts till after the discharge...

Most do not even look at your account after filing, but they do before closing your case..... they are looking for an inheritance, lottery win, windfall of cash.

Don't make any waves and you will have an easy BK, make waves and the Trustee will start looking into everything and every peice of paperwork you got!

Be patient and let the BK process do its thing, with as little trouble as possible.

[Minnymouth]

Best advice I can give is save that money out a sight of a Trustee's eyes............

[annikasaunt]

I only put enough money in my accounts to cover the bills I need to pay. The rest stays under the mattress!! I must tell you all how good it feels to actually be able to pay cash or mo for everything. I know I am just at the beginning of this process with just having filed Wednesday, but it feels like a load of bricks has been lifted off my shoulders. I can actually sleep without worrying about how I will keep the house afloat!

[Minnymouth]

CONGRADS...............

You have passed the "smart" test!!!! Just continue what your doing !!!!

[FilingOnMyOwn]

Just speculation on my part, but I would suspect that the trustee would be looking for evidence of fraud or a large "unexpected" windfall. Money added to your account from, say, wages wouldn't become an asset for the creditors, would it?

Did the trustee take anything deposited in your account after the date of filing?

I didn't have any accounts left. The banks closed out all of my stuff years ago after having negative balances for so long. But the trustee did ask for all that stuff in a general letter that I'm sure he sends to everyone.