Assuming you have lived in Colorado for the past two years, unfortunately, I see no exemption under Colorado exemption laws that protects money just sitting in a bank account. Nor do I see a wildcard exemption. While your best choice is to discuss this with a local bk attny it does appear you have a problem. Your Trustee is going to want a copy of bank statements. That request will include the bank statement(s) that cover the filing date. He/she will find out that you had money in the bank on the day of filing. He/she will demand the turnover of funds equal to the non exempt amount. You will have to comply or face the loss of your right to a discharge.
How much money are we talking about? Once I know this I may be able to make a suggestion or two on how to satisfy the Trustee when he comes calling.
Des.
-
Can I find an exemption for my bank account?
I live in Colorado. My wages were garnished last month so I rushed to file bankruptcy pro se. Later I learned that the common practice is to spend down your bank account so that the day of your filing you have very little or the trustee will make you write a check for that amount. Many of my bills are electronically deducted from my account and I filed at the first of the month, so nothing had been deducted. I am concerned that the trustee will make me pay that money to my creditors, which would literally make me homeless since I'd have no rent money. What is the truth of this?
Is there any exemption I can use?
Leave a comment: