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Can I find an exemption for my bank account?

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  • Can I find an exemption for my bank account?

    I live in Colorado. My wages were garnished last month so I rushed to file bankruptcy pro se. Later I learned that the common practice is to spend down your bank account so that the day of your filing you have very little or the trustee will make you write a check for that amount. Many of my bills are electronically deducted from my account and I filed at the first of the month, so nothing had been deducted. I am concerned that the trustee will make me pay that money to my creditors, which would literally make me homeless since I'd have no rent money. What is the truth of this?
    Is there any exemption I can use?

  • #2
    Assuming you have lived in Colorado for the past two years, unfortunately, I see no exemption under Colorado exemption laws that protects money just sitting in a bank account. Nor do I see a wildcard exemption. While your best choice is to discuss this with a local bk attny it does appear you have a problem. Your Trustee is going to want a copy of bank statements. That request will include the bank statement(s) that cover the filing date. He/she will find out that you had money in the bank on the day of filing. He/she will demand the turnover of funds equal to the non exempt amount. You will have to comply or face the loss of your right to a discharge.

    How much money are we talking about? Once I know this I may be able to make a suggestion or two on how to satisfy the Trustee when he comes calling.

    Des.
    Last edited by despritfreya; 04-28-2017, 07:19 AM.

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    • #3
      Thank you despritfreya- the beginning balance on the day I filed was 1,542.51. My bills were electronically deducted that day so the end balance was 269.85.

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      • #4
        Unless you can prove the exact amount that was in the account at the exact moment you filed, you are dealing with a $1,542.51 problem. Assuming I am correct and the Trustee says "pay it", offer to pay it over time. Figure the Trustee is going to want full payment within 6 to 8 months so offer to pay it over 12 months and see what happens. At 12 months, and assuming no interest is charged, your payment would be $128.54 per month. The last month's payment would be a couple of cents higher. The shorter the time period to pay the higher the monthly payment.

        Des.

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        • #5

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          • #6
            No need to be "sad". How much debt are you going to get rid of? Kicking in $1,500 to get rid of $________ may not be such a bad thing. Look at it as the "cost of doing business".

            Des.

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            • #7
              Do I need to amend my assets page? I listed the amount in the account as 269.00 Because that is what it showed when I looked at it on line.
              Now I'm a little frightened that what I did will be considered fraudulent.
              Last edited by Ndebted; 04-29-2017, 09:57 AM.

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              • #8
                Your Schedule is fine. Trustee does not expect 100% accuracy. If and when he/she asks for the statement he/she will see the "mistake". There is nothing, and I mean "nothing" to be frightened of.

                Des.

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                • #9
                  Thank You. One more question if you will. I believe I have found an exemption I may use for at least part of the amount. So this would require an amendment right?
                  And should I then list the 1500 amount or the 260 amount?

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                  • #10
                    Please cite the exemption so that I can better answer the questions.

                    Des.

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                    • #11
                      CRS 13-54-104(2)(a), 5-5-105 Disposable earnings-greater of 75% or 30 X federal minimum wage

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                      • #12
                        Give me a few minutes.

                        Des

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                        • #13
                          Thank You I appreciate your time and help.

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                          • #14
                            Read this. . .

                            https://www.courtlistener.com/opinion/1863442/in-re-kramer/?

                            Especially footnotes 6 and 7 (and the paragraph in the case that cites those footnotes).

                            You try to exempt 75% of the higher amount by an amendment to B and C.

                            Creditors and the Trustee must be given the opportunity to object to the Amendment to C. Please review Bankruptcy Rule 4003(b)(1). You will have to find out if the Clerk of the Court notices out the amendment or if you have to.

                            Des.

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                            • #15
                              Looks to me like I can use it. My check is directly deposited so I can surely show that the money in the account is "earnings" is that correct?

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