Best time of month to file BK?

[momof3b1g]

I think we were told that the best time to file is just after a payday?
We need to exempt our earned but not received income. We are trying to file asap. I'm hoping we can get everything done this week so we can file next week.

If we can't file until the week of the 23rd we would have over 2 weeks plus the days for that week to exempt.

2nd question: We have most of our paperwork. We have given the paralegal all our debt balances. But of course since we are not paying them they are going up. Will they need the new amounts? Or can the file using the old ones?

[StartingOver08]

I would think that you would want to file before a payday when you have little cash in your account. JMO. You do not want to have a large amount of cash in the account and the lookback period is from the date of filing BACK 6 months. So income your receive after your filing is yours to keep - and you do not use up an exemption in trying to keep it. You can use your exemptions for other things - like tax refunds etc. JMO.

[momof3b1g]

No what I remember I lawyer said they can take any money not received yet. So if we get paid on Friday and file on Thursday they can take our check(s) or a portion of that check(s). So we want to get our checks pay bills etc then file.

[HHM]

It depends.

If your concern is a paycheck, you want to file the day BEFORE payday.

If you are filing a chapter 13, and will be trying to save your house but have not started making your monthly mortgage payment, the best day is to file the day after your mortgage due, so you don't have to start making your mortgage payment until the 1st of the next month.

[momof3b1g]

It depends.

If your concern is a paycheck, you want to file the day BEFORE payday.

If you are filing a chapter 13, and will be trying to save your house but have not started making your monthly mortgage payment, the best day is to file the day after your mortgage due, so you don't have to start making your mortgage payment until the 1st of the next month.

I was told wages are not exempt, we have to use any extra to exempt our wages. The lawyer said that includes any earned even though they have not been received. So even if we file before a payday. We still have days worked/wages earned and need to exempt them.

Oh we are filing Ch7(maybe I should have posted on that board)

[HHM]

Your attorney is being over cautious, but perhaps the trustee's are overly aggressive in your area.

Although your attorney's position has some legal grounds, the Trustee only has as much right to your assets as a judgment creditor; thus, a judgment creditor can only garnish funds at the point of receipt. Thus, if you receive the funds after your case is filed (i.e. beyond the reach of any creditor, so-to-speak), arguably, those funds are not part of the BK estate even though you technically "earned" them before the case was filed.

[kenshirley]

Here in AZ our attorney told us it's best to have less than $300 total cash on hand when you file.

[momof3b1g]

Here in AZ our attorney told us it's best to have less than $300 total cash on hand when you file.

I realize that. The question is weather we have to exempt eraned income we have yet to receive. Say I file today. I have a check coming Thursday and worked 2 days this week. So I have earned income. Kinda the same as a tax refund. It is money owed to you. The trustee can take it. You wouldn't think they could take income if you have non left, according to your budget.
Tax reund etc would be different. I will call and check tomorrow did our class today so need to find out what else we need to do. Before we can file.

Does anyone know if the balance matters on the CC we are putting in the bk? They have changed since we gave the info to the lawyer. Will they need to update that?

[jennordhavn]

I did exempt my earned but unpaid income to be safe. I'm in CA and filed pro se and I used my wildcard. I get paid on Fridays for the previous two calendar weeks. I filed a day before payday. So I exempted 2 weeks (my expected paycheck that I would receive the next day) plus 4 days of income for M-Th. Does that make sense?

[momof3b1g]

I did exempt my earned but unpaid income to be safe. I'm in CA and filed pro se and I used my wildcard. I get paid on Fridays for the previous two calendar weeks. I filed a day before payday. So I exempted 2 weeks (my expected paycheck that I would receive the next day) plus 4 days of income for M-Th. Does that make sense?

Yes thats what i'm talking about. My attorney must have reason to exempt it. I thought i read it somewhere but can't find it.

[StartingOver08]

I have only seen it in the form of business receivables - not in reference to a paycheck for an employee.

As to the amounts on your credit cards, my attorney said 'close' was good enough. In other words, the entire TL is IIB, and the amount in inconsequential as long as you have the approximate amount. I had asked because all of my paperwork was in by the first of Sept 08 and I had not filed actually until 9/30/08 so everything was off by the amount of interest, fees etc for that month. The attorney said not to worry about it.

[momof3b1g]

As to the amounts on your credit cards, my attorney said 'close' was good enough. In other words, the entire TL is IIB, and the amount in inconsequential as long as you have the approximate amount. I had asked because all of my paperwork was in by the first of Sept 08 and I had not filed actually until 9/30/08 so everything was off by the amount of interest, fees etc for that month. The attorney said not to worry about it.

Ours is over a month so I will just ask when I call. I think maybe even 2.