How much cash are you allowed to have in a bank account when filing? From what I understand, the figure you report is the amount in the bank on the day you file.
We're in GA. It would be only me filing, not spouse. Is "cash in bank" the wildcard exemption? (I think it's $600.)
I ask because I cashed out my retirement account (which would have been exempt, but when I cashed out I was desperate and hadn't even considered BK). I did that to pay the mortgage for a few months. Our only income is Ebay, which is currently bringing in about $900 month. (See why I cashed out the ret. account?) Right now, we have about $5,000, but that will be gone in a couple of months of paying the mortgage.
So.....does that mean if I happen to have over $600, I lose it?
Are amounts in a minor's account considered part of MY exemption? Meaning, if I opened up an acct. in each of my son's names, would the TT take those? I don't have tons of $$$, but would like to walk away from BK with *something* or how else do I pay the bills afterwards, with Ebay as my only job?
And, what if we sold our home, and the proceeds were over $10,000 (single homestead exemption)? If we spent that money to buy new appliances, is that considered using non-exempt assets for exempt assets?
We're in GA. It would be only me filing, not spouse. Is "cash in bank" the wildcard exemption? (I think it's $600.)
I ask because I cashed out my retirement account (which would have been exempt, but when I cashed out I was desperate and hadn't even considered BK). I did that to pay the mortgage for a few months. Our only income is Ebay, which is currently bringing in about $900 month. (See why I cashed out the ret. account?) Right now, we have about $5,000, but that will be gone in a couple of months of paying the mortgage.
So.....does that mean if I happen to have over $600, I lose it?
Are amounts in a minor's account considered part of MY exemption? Meaning, if I opened up an acct. in each of my son's names, would the TT take those? I don't have tons of $$$, but would like to walk away from BK with *something* or how else do I pay the bills afterwards, with Ebay as my only job?
And, what if we sold our home, and the proceeds were over $10,000 (single homestead exemption)? If we spent that money to buy new appliances, is that considered using non-exempt assets for exempt assets?
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