Cash on day of filing

[nc73]

In a chapter 7, Does anyone know how much cash can be exempt on filing day? Texas is 30k per person personal property. I cash considered personal property? Should I just take the cash out before filing?

[AngelinaCat]

We're in Florida, so that probably makes a difference. We were told to have as close to zero in our checking account on the day of filing. We actually were at a negative balance so that was okay, I guess. The attorney asked how much cash we had on us. Between the two of us, we probably could have scraped together somewhere between 40-60 dollars, I don't remember the amount now, but the attorney did not seem concerned.

We also each carry a $100 bill hidden in our wallets in case of a dire emergency, such as being broken down on the road somewhere. This 'emergency fund' gets forgotten and not acknowledged at all, otherwise it finds it's way into our 'General Fund' and gets spent on trivia. The attorney didn't seem concerned with that either.

Looking back, we were so naive about all of this bk stuff, that we just followed the attorney's lead. Stuff we should have asked, like this question, we did not think to.

I hope that helps.

[needachance]

In Colorado cash is treated just the same as bank account so we were told not to have any more than what we would plan on spending that day.

[StartingOver08]

The amount of cash you can have in your account PLUS cash on hand should be what you are allowed to exempt. Look up your state's exemptions here www.legalconsumer.com and coordinate with your attorney so the bank balances and the cash on hand match what you state in your petition.

Note: Some districts/trustees require you to provide a bank statement for each of your bank accounts showing the balance on the filing date.

[nc73]

The amount of cash you can have in your account PLUS cash on hand should be what you are allowed to exempt. Look up your state's exemptions here www.legalconsumer.com and coordinate with your attorney so the bank balances and the cash on hand match what you state in your petition.

Note: Some districts/trustees require you to provide a bank statement for each of your bank accounts showing the balance on the filing date.

So personal property is 60k in Texas for two. I can exempt all 60k cash? Not that I have that much mind you.

[SMinGA]

If you owned nothing else, then sure you could exempt $60,000 in cash. But if you file a petition showing $60k cash and no other worldly possessions you're going to have trouble. Unless you can prove you own no clothing, no furniture/household goods, have no equity in a vehicle, etc. etc. etc.

I realize you are not saying you intend to try to exempt $60k in cash, just wanted to point out a flaw in the reasoning in case someone reads the thread later and gets the idea...

So personal property is 60k in Texas for two. I can exempt all 60k cash? Not that I have that much mind you.

[nc73]

If you owned nothing else, then sure you could exempt $60,000 in cash. But if you file a petition showing $60k cash and no other worldly possessions you're going to have trouble. Unless you can prove you own no clothing, no furniture/household goods, have no equity in a vehicle, etc. etc. etc.

I realize you are not saying you intend to try to exempt $60k in cash, just wanted to point out a flaw in the reasoning in case someone reads the thread later and gets the idea...

Nope probably a grand or two at the most. basically no personal property except for clothing and a few laptops.