Bank account bala ce

[bkrelief22]

I'm a newbie and need some help. Have read most all posts. We have direct deposit that would go in 7 days before we file on the 22nd. That would mean over a 2K bal. I can pay bills early but would still need over 1K for rent due on the 1st. Will it be a problem and can they freeze that $.

Thanks for your help.

[TEW]

NONE of my accounts got froozen

[bkrelief22]

Thanks. How much are you supposed to leave in your account??

[bk4sky]

this is a very good question, i was wondering the same thing, i started an emergency fund which i am trying to get up to $500.00

[pa308]

There is a lot of confusion in regards to bank account balances.

I think the first question is how much of your balances can you exempt. If you can use federal exemptions any amount of your homestead exemption can be used to exempt money in your bank accounts.

If you are in a state where you must have your cash down to its lowest, why not time your filing to the checking account, i.e. tell your atty to file on date when account will be lowest? We did that, letting my atty know I will send an e-mail to let him know when mtg has cleared the account and him to file.

Hope this helps.

[AngelinaCat]

We were told to have our account as close to a zero balance as we could on the day we filed. We actually had a negative balance.

In your situation, why not get a money order, or a bank check for the rent and have that put aside and out of the account for the rent. With a money order or bank check made out to the rental agency, you will have a paper trail for where that money goes.

[becky20]

I was told to have less than $300 in the account... I would do what you need to do to have as little in there as possible, even if it means paying bills early to do so, or time your filing so you wait til after your rent clears.