Savings Account ???

[bkrelief22]

Hey guys...we're filing in Oct...I just wondered when you can start a savings acct. We really need an emergency fund. Since we have to document where every $ is going now, can a savings accout be factored into the list. What would a trustee say?

Thanks so much for your input!

[keepmine]

You just can't have more cash than your state exempts on the filing date.
If you start an account now, I'd put any cash over the state exemption in your sock drawer until the 341 is discharged.

[bkrelief22]

Thanks keepmine...that's pretty much how I was thinking but just needed some feedback. So, if I hear you right, AFTER the 341 meeting we could start one, or do we need to wait till the bk is totally discharged???

Thanks
bk22

[keepmine]

I'd tend to be cautious and wait until discharge.

[bkrelief22]

Thanks, it's not work the risk of causing problems:-)

[Phillymanhere]

Bkrelief,

I'm with you. I've got to start saving for an emergency fund, as I no long have credit!!!! ... And I want to not use credit!

I too will be filing around October or November. I've seen people on this board talk about buying money orders and keeping their savings there for a while. I guess the thinking here is that as long as you don't have a super-controversial case, the trustee won't be looking that closely at your account, so you can sock away some money in money orders.

Funny: it just recently hit me that I have nothing! ... I have a little investment account (not an IRA or 401K) that I am liquidating partly to pay for the attorney, and I'll have $1,500 or so left over. But other than that, I have nothing!!!! So I'm starting to feel the fire under me. Got to make more and save more.

[Help!]

VISA gift cards can be purchased with cash without disclosing SS#'s. The card just says "Gift Recipient". Has anyone ever heard of gift cards being listed as assets in a BK petition? Or as a bank account?