Chapter 7 schedule A & B exemptions

[buriedindebt]

1. cash on hand
2. checking & saving accts.

Any advice on how much to keep in these accts. the day you file?
Georgia person.prop. exemption do not mention cash or is cash
considered personal prop.? I have 7K equity in my home. Ga, allows
10K exempt. Should I show the 10K on schedule C or just the actual
amount which is 7K. same question for cash or bank accts....Many
thanks ....

[soldout]

~buriedindebt~

I dont have an answer for your equity question as i have never owned a home, but the cash part i can offer something. It might not be much but a reply to a question (whether or not it helps) but it is better than sitting on this forum getting no answer at all. Like I have experienced as well.

Anyways, I just went through bankruptcy (Should get discharged on 10-3) here in GA. I would not worry about the cash you have. They will not ask anything about how much you have in your pockets. If they do, well its up to you what you tell them. As long as your bank account doesnt show that you took out a large sum of cash, and then immediately filed for BK i dont see why you should offer that to them. Just dont flaunt it, like buying a new Big Screen or something that could be tooken from the Trustee. Keep it low until your in the clear. If you still have a good amount of money in the savings and plan on filing before this OCT 17 deadline, theres not much you can do without looking suspicious. You could take that money out and pay your car insurance for a year or something on that line. Just keep it recorded because the trustee might ask what you done with that money.

BTW, where are you filing at here in GA? Im in Colquitt Co. but i had my 341 in Thomas Co. The trustee there was a "wam bam thank you man" type of guy. All he wanted to do was get everyone out and go eat his lunch. He didnt even ask for any records..i.e. bank account, etc.

Im sorry I could'nt offer you more advice on the house part. And please dont take my advice as professional help. This would be what my thoughts if i were in your shoes and possibly wont be in your best interest.

Good luck on your adventure and remember not to stress out. Its only a thing. It will be over in no time.

~soldout~

[TatteredInTexas]

Wam Bam - Thank you man

~buriedindebt~
The trustee there was a "wam bam thank you man" type of guy. All he wanted to do was get everyone out and go eat his lunch. He didnt even ask for any records..i.e. bank account, etc.~soldout~

Hi soldout,

I suspect, and perhaps in our favor, this will be the attitude of many of the Trustees across the country. While I can't back that fact... it only sounds reasonable, given the overwhelming amount of cases being filed, in order to beat the October 17th deadline.

Just my two...

All The Best,
Ronnie
TatteredInTexas

[soldout]

Hi soldout,

I suspect, and perhaps in our favor, this will be the attitude of many of the Trustees across the country.

Very true. If your case doesnt involve a ton of assets worth a good bit of money then they probably wont waste any time nitpicking. I know they didnt with me. Most of mine was unsecured debt. Around 42K. I have no real assets that he would be able to sell and make a good amount of money. I.E. (NO HOUSE). He would have to sell everything i own at a garage sale and make maybe 3 thousand dollars. There is just no way they are going to waste that kind of time. Now if you owned maybe a 30k dollar painting or a couple Rolex's then maybe they would want to collect that and auction, because they would make quick large money. But, how do they know you have those things in the first place... Dont give them any reason to doubt your case and they wont go looking for assets. I hope you, along with everyone else, that their Trustee is (edit from was) just as simple as mine was. It really makes it easier to go through.

~soldout~

[soldout]

Now if you owned maybe a 30k dollar painting or a couple Rolex's then maybe they would want to collect that and auction, because they would make quick large money. But, how do they know you have those things in the first place... Dont give them any reason to doubt your case and they wont go looking for assets. I hope you, along with everyone else, that their Trustee is (edit from was) just as simple as mine was. It really makes it easier to go through.

~soldout~

Im not saying that everyone should go file bankruptcy and hide these types of assets just because you think you can get away with it. Try to have some morals. I know if i owned property like that i would definitely sell those first before i filed B/K.
And also...Man i really screwed up that last sentence. I even edited it and it still came out wrong. Just forget it!
~soldout~

[soldout]

Im glad i beat you to that in replying to my own message. Whew.

LOL

~soldout~

*What happened to your post...it just disappeared?* I need to slow down on this replying/posting thing... Im getting way to ahead of myself, along with mass confusion...