savings acct

[ron77usa]

Hi I will be filling 6 mos from now cause my projected salary will be cut. I will incl
my home in chap.7 I have 15 k in savings if i take some a little at a time under the mattress or is there a better way ..

[SinkingFast]

We can help you better if we know what State you're filing in.

Some States allow for you to choose between State and Federal Exemptions.

If you can go Federal,......... Since you aren't keeping your house,........ You could keep nearly $10K in cash in your savings acct and cover it with an Exemption.

[ron77usa]

Savings Acct

OK THANKS i LIVE IN NJ I THINK I WAS TOLD YOUR ALLOWED 14K ASSETS
I HAVE A NOTE ON THE CAR FAMILY OF 3 IN NJ SALERY CAN'T EXCEED 80K
WHICH I WILL BE UNDER . ONLY THING IS THAT I TRANSFERRED A CAR A 5 YEAR OLD CAR TO MY WIFE 7 MOS AGO WORTH ABOUT 5K SHE IS NOT FILING

TKS

[lrprn]

i LIVE IN NJ I THINK I WAS TOLD YOUR ALLOWED 14K ASSETS

In New Jersey you can use the NJ or the federal exemptions.

Here's a link to NJ exemptions - http://www.bankruptcyaction.com/njexemptions.htm . If you own a home with any equity at all, notice there is $0 allowed for a homestead. Also notice there's very little allowed for much of anything else either. NJ is a very creditor-friendly state for exemptions - you get a measly $2,000 total - that's pathetic.

Because of that, most NJ filers use the federal exemptions which are much more generous - http://www.bankruptcyaction.com/fedexemptions.htm . You'll get more than $14,000 here.

I HAVE A NOTE ON THE CAR

What other assets are you hoping to keep when you file? Do you own a home?

FAMILY OF 3 IN NJ SALERY CAN'T EXCEED 80K WHICH I WILL BE UNDER .

Median income in NJ for a family of 3 is $80,239 - http://www.usdoj.gov/ust/eo/bapcpa/2...come_table.htm

ONLY THING IS THAT I TRANSFERRED A CAR A 5 YEAR OLD CAR TO MY WIFE 7 MOS AGO WORTH ABOUT 5K SHE IS NOT FILING

If you file now, this will be considered a fraudulent transfer of assets to an insider. Your trustee is going to pick up on this immediately. You need to put at least a year between the transfer and filing or you may be forced to pay the trustee $5K to keep the car. Your case could even be dismissed.

Have you made appointments for free consultations with 3-4 bk lawyers in your area yet? If you are planning to file with a lawyer, this is a good way to see how much the lawyer knows and if you can work with them. You'll also learn a tremendous amount about what your best options are when you do file. And if you are planning to go pro se (file without a lawyer), you can learn about what the trustees in your area will accept for asset transfers like your car, living expenses, etc.