Bank Account Balance Question

[garcias4az]

Will the Trustee take/claim the money? Not banking where I borrow prompted me to open a new bank account with a minimum $25 balance. I should have received a Live paper check, instead of direct deposit, but HR was on top of things and money was direct deposited right before I filed Chapter 7 BK. I paid all my regular bills before i filed BK, but the account shows a full balance as of the day I filed BK ($1,500). State of Arizona has an exemption amount of $150. All my expenses are normal monthly utility, groceries, medical, car expenses - nothing extravagant.
Also, will I need to amend the schedule to add the new bank account?
Thanks for any and all advice, this forum is a wealth of information.

[despritfreya]

Welcome to the forum. There will be tons of good folks chiming in.

1. If the account was open as of your filing date it belongs on Schedule B so, yes, you need to amend Schedule B to include it.

2. If you did not otherwise claim an exemption for money in a bank for some other account you had/have, then you also amend Schedule C.

3. If you are married your exemption is $300.00 ($150 for each of you).

4. If, on the day you filed, you had more than $150.00 ($300.00 if married) sitting in the bank the Trustee has the right to demand the amount over $150.00. Whether or not he/she will, will depend upon which Trustee you have and if that Trustee thinks the amount is worth taking.

Call your attny tomorrow morning if you have one. If not, do the amendment and send a copy to the Trustee.

Des.

[btbeme]

Trustees in AZ tend to be very aggressive toward cash, whether it be cash in the bank account or money earned but not yet paid (which is what you would have expected had you received a paper check instead of direct deposit).

Amend your forms as Des suggested, or the Trustee will direct you to do so at your 341. You will most likely lose the balance over $150.