Savings account

[dego2274]

I am three months into my chapter 13 and I have a question. I know there is a possibility that if I get a new job (better paying) the trustee could take a look at that. My question is as I try and move on in my life, can I build a savings without it being in question. I mean if after a year I have a decent amount of money saved, could that work against me? Am I better to just keep my money at home?

[AngelinaCat]

I am not a Ch 13 person, but I don't see why you can't start a savings account. One of the features of doing a 13, is that it is a 'forced budget', and creating a savings account is part of responsible budgeting.

Likewise, you need to have some cash on hand in your home, and on your person. My husband and I each carry a $100.00 bill folded up in our wallets and forgotten about. That is an EMERGENCY ONLY fund, for when something happens and you are stuck. An example is the time our car broke down while climbing I-26 in the Smokey Mountains, and we had to be taken off by a rollback truck and driver. That driver did not take checks or credit cards, and our emergency bills were the only cash we had.

Good luck

[HampIAM]

Can you have a savings account when you apply for the BK (chapter 13?)

[jange]

Yes you can have a savings account. I had a one before for my property taxes and small emergency fund. I continue to add to it for my 2011 taxes and my emergency fund. It was never questioned.
File 1/11/10
confirmed 7/22/10

[LadyInTheRed]

Can you have a savings account when you apply for the BK (chapter 13?)

Yes. California has pretty generous exemptions. Depending on what your other assets are, you may be able to exempt a pretty good-sized savings account. I exempted a $10,000 CD. If you can't exempt it, you can still have it, but your plan needs to pay at least the value of the account and all other non-exempt assets to unsecured creditors over the life of the plan.