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Cash on hand exemption question

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  • Cash on hand exemption question

    For the state of Ohio, up too $489 is exempt. When is that taken into consideration? Is it during the filing? During the 341? If I have more than $489 in my account at whatever point is relevant, does that mean the trustee will for sure take whatever isn't exempt? Should I plan to spend a certain way to maintain a lower amount? When will I not have to worry about that $489 amount?

  • #2
    The amount exempt is on the day that you filed. Not to cause any fear, but Trustees have asked debtors to write a check for anything that was not exempted, on the day of filing, right at the 341 meeting. I don't know if that's still the practice, but there are so many different Trustees and variances across districts that I can't say if you would be demanded to "immediately" pay any non-exempt amount right at the 341 Meeting.

    Regardless, you should plan to pay your creditors (secured creditors, rent, mortgage, electricity, water, utility, and other bills) prior to filing and make sure the checks clear before filing!
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

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    • #3
      justbroke so the amount in my account is only relevant to exemption law at the time of filing? Like if I have $489 the day I file, then get my paycheck the next day, is that money considered?

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      • #4
        Originally posted by netengr44 View Post
        justbroke so the amount in my account is only relevant to exemption law at the time of filing? Like if I have $489 the day I file, then get my paycheck the next day, is that money considered?
        The filing of a bankruptcy is a snapshot of your life the day before you filed (and up to the moment you filed). If you win the lottery the next day, it does not belong to the bankruptcy Estate despite what you may read on the Internet.

        ** Although you could win the lottery the next day, the Trustee can seek to have your case dismissed under the "totality of circumstances" exception under the bankruptcy code. A freshly minted lottery winner, having one a day after filing for Chapter 7, would make life easier by dealing with the Trustee and paying all the allowed claims. That way, you may actually catch a break if some creditors don't file a claim. (For Chapter 13s, it's a little different.)

        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          One thing I would caution you about is make sure that your attorney is going to file the day you think they are going to file. We provided all of our bank balances (paperwork) the day we met with her, but she did not actually get our case filed until the next day. So we had to bring updated documents including the actual day of filing. My husband got his paycheck direct deposited the day after our file date, and no, there is no issue there.

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