not paying credit cards and saving the money

[Kristy12]

Is this okay?

1) stop paying credit cards for 3-6 months and save this money to pay attorney.
2) attorney files chapter 7 and I have no cash in the bank after paying attorney.
3) while waiting for discharge I am able to pocket the money I would have paid on my credit cards. Can I just put this money into a savvings account?

I need $3000 to redeem my car, and am hoping I can use the saved money for the redemption. Is this possible?

[justbroke]

Unless you have an exemption that protects the $3,000, you cannot use that money to redeem the car! If you are in Florida, it would be difficult to keep $3,000 plus all of your personal property (if you are single, filing as single, or have a lot of other personal property to protect). There just may not be enough exemptions to cover the $3,000. In some States, it is difficult to protect that much cash under any circumstances. If you are in California or a State that allows Federal Exemptions, you may be able to keep the $3,000 by exempting it.

You should stop paying unsecured debt, credit cards, as soon as you realize that you are insolvent (bankrupt). You should also, concurrently, stop using them as well!

Do you mind stating in which State you live and/or will file?

[LadyInTheRed]

justbroke, I think you might have misunderstood. The way I read the post, Kristy12 plans to save the $3,000 from her post-fling earnings. That is okay and the money can go into a savings account.

If you can exempt cash under your state's exemptions, you can save more than is needed to pay attorney fees before you file.

[justbroke]

I read it both ways. I was just trying to make sure the poster didn't have too much, at the time of filing, that would not be covered by an exemption. If they have available exemptions, they need not deplete their accounts, as we are both saying.

Additionally, saving up $3,000 in the 30 or so days after filing, the time to really have your source of money in place for a Redemption, is going to be tough. Unless the payments to the unsecureds are $3,000/month or more. It may be easier to use 722 Redemption to redeem, and then save the money. Then take the saves money and payoff the 722 Redemption loan within a month or two of discharge.