How much in bank?

[sal]

I know this has been talked about but just wanted to get the latest scoop.
We are still waiting to file bk13 and want to make sure our bank accounts are ok.
I know i can have money in our checking account as that is what we use up every 2 weeks to pay bills. However can we have anything in our savings account when we file?
Thanks to all!

[NowImDownInIt]

Wisconsin exemptions as far as I can see are $1000 in deposit accounts (that's combined of your checking, savings, any other deposit savings) on the day of filing.

[StartingOver08]

My attorney said to have the absolute miniumum in the bank account as of the day of filing. I had $100 - all the rest I spent on attorney fees to file CH 7and the IRS to reduce outstanding amount I owed. Of course I have to provide the bank statement showing where all the funds were spent. In fact, my attorney said take out the payments in the form of a bank check because if the funds are showing as of the filing date the trustee is entitled to them (over the exempt amount).

[domaingamer]

What about if you have money in a 401K - is the trustee entitled to that?

[StartingOver08]

I believe the 401k is exempt.

[NowImDownInIt]

What about if you have money in a 401K - is the trustee entitled to that?

401k is not a deposit account, per se. Also, as a retirement savings account it is exempt. Don't withdrawl ANYTHING, because it is only exempt as long as it stays in there.

[kornellred]

I find this thread a bit puzzling. Not once did my BK attorney or the standing Chapter 13 trustee ask how much money I had in my checking account. Perhaps it was because I have only one source of income, my expenses are easily verified, and the amount of my indebtedness would preclude any savings if I was being honest. I think I brought a current bank statement with me to the attorney's office when we were formulating a budget and a payment proposal. I don't remember if he even looked at it. If he did, it did not seem to matter to him.

I guess most BK cases are a lot more complicated than mine and there is a need to examine a debtor's position in more detail.

[rrockinggramma]

with a chapter 7 amount in the bank can be an issue. Not so much with a chapter 13. You can't have thousands sitting in an account of course, but more than 100.00 is allowed in a chapter 13.