Have 4 homes need help

[253BK]

That is cash they dont know about right???

[ssdsco]

You really don't want to go down that path. It's possible you'll have to go through a financial strip search for a year or two prior to filing.

Find out what your exemptions are and start planning accordingly. Given enough time which it sounds like you have there’s “legal” planning you can do to maximize retaining your assets.

You need a good BK attorney to guide you through your situation.

[lrprn]

That is cash they dont know about right???

If you are suggesting that you may hide cash deliberately when you file so it won't be counted as income or as an asset of your bk estate, that is bankruptcy fraud. Hope that is not what you are suggesting. Bankruptcy judges and trustees take bk fraud VERY seriously - it's a federal crime. You don't want to go there.

[253BK]

ok here is where I am right now. I have 6500$ in the bank and current on everything as of Nov 1st I will be late since my house payments alone are 14000.00 and renters just arent paying. So the 6500$ I cant leave it in the bank right?

As far as money I have none hidden LOL but will have some in the bank but I also need to be able to get around and eat also! What are your thoughts???

[keepmine]

First thing you need to do is get a job that will generate some income that will allow you to meet your basic living expenses.
That $6500 can be used for living expenses prior to filing but, most states only allow you to have a minimal amount of cash on hand on your filing date.
You really need to see a bk lawyer or 2 and get all of your options explained.

[JollyGG]

It looks like your state allows federal or state exemptions. WA state exemption allows only 200 in cash on hand. Federal exemptions have a wildcard exemption that can be used to protect some cash.

http://www.bankruptcyinformation.com/WA_exemp.htm

http://www.bankruptcyinformation.com/exemp-fed.htm

So on the day of filing you need to have less than you can exempt in your account. Unfortunatelly, the amount you have in the bank currently does not look like it can be covered under your exemptions. Before filing you need to use that money for you living expenses. You can alse spend it on necessary living expenses. Home repairs (does this house need a new roof, furnace, water heater, ac, ect.?), food, clothes, medical expenses, ect. would be necessary expenses. You chould also buy an exempt asset such as a car that fits under your exemptions but only do this with a lawyer at your side as they would know what would work with your trustee and what wouldn't.

[253BK]

Wow I cant believe only 200$ I havent had that low of amount since I was in school! Thanks for the info!