We are looking at filing chapter 7 after Chase bank increased our payment by about 1500 a month and we just cannot pay it. We have an attorney meeting next week, but wondered about our checking and savings accounts.
First, they are at a bank we have a credit card with so it makes sense to change banks of course so they cannot freeze our assets.
But the savings account, which has appx 15000 in it, a gift on the death of my husband's grandmother, and is set aside to live on in the winter when my husband has little work and for an insurance deductible. Will they take that? Do we need to do things like prepay rent (have checked and we could do that for a year) and hide cash under our mattress so we don't have a savings account? How far back will they track the money? Will we need to hide extra money we make after we quit paying?
Our situation is that we have stayed current, barely, until this came up but it has pushed us over the edge. My husband got laid off 7 years ago from a 6 figure job and we had to live on credit cards for a few months after we ran out of savings before he gave up on high tech and started working for an irrigation company. We have much less income, I have gone back to work and we have struggled HARD to make absolutely no progress in 7 years, just keep the wolf from the door, because we didn't want to take this path.
This Chase thing is the catalyst. We just want to make sure we have our ducks in order before we file, which they say could happen as soon as the 16th of July.
First, they are at a bank we have a credit card with so it makes sense to change banks of course so they cannot freeze our assets.
But the savings account, which has appx 15000 in it, a gift on the death of my husband's grandmother, and is set aside to live on in the winter when my husband has little work and for an insurance deductible. Will they take that? Do we need to do things like prepay rent (have checked and we could do that for a year) and hide cash under our mattress so we don't have a savings account? How far back will they track the money? Will we need to hide extra money we make after we quit paying?
Our situation is that we have stayed current, barely, until this came up but it has pushed us over the edge. My husband got laid off 7 years ago from a 6 figure job and we had to live on credit cards for a few months after we ran out of savings before he gave up on high tech and started working for an irrigation company. We have much less income, I have gone back to work and we have struggled HARD to make absolutely no progress in 7 years, just keep the wolf from the door, because we didn't want to take this path.
This Chase thing is the catalyst. We just want to make sure we have our ducks in order before we file, which they say could happen as soon as the 16th of July.
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