I know I have asked this before in another thread, but couldn't find the thread. So, I am in school and I will be getting a student loan. If I can't have more than $100 in my account when we file, what do I do with my loans? If they aren't considered income, how will the trustee look at this?
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Why don't you use them to pay your school bills? Isn't that what they are for? Or if they are for living expenses while in school, pre-pay the rent, utilities, etc?
My lawyer never said anything about only having $100 in my account when I filed CH 13, I think I'd just gotten paid and had a couple thousand in there. Ask your lawyer again to see what he/she says about the $100 rule, if this applies to CH 13, and if so, what to do about a loan. (Could you hold off on cashing the check?)Filed CH 13 September 17, 2007
Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013! -
woeisme, there is wide variation between states regarding how much cash they allow a filer to have on hand on filing day. Sassiebaz could live in a state that allows very little or no exemption for cash. If her state has a wild card, she may have had to use it to cover something else.Originally posted by woeisme View Post
In states without wild cards or specific cash exemptions, lawyers do advise filers to have as little cash as possible in accounts on filing day because the cash can't be protected by exemptions. Having too much cash on hand means you could lose it to your trustee. There is nothing easier to distribute back to creditors than cash.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
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Oh Yeah,of course I am paying for school and other expenses. I just meant is that going to look bad if I have $3K in the bank and claim I cannot pay anyone? I did think about not cashing the check until after I file. Right now I don't need the money since my tuition is coming straight out of that loan. I am meeting with my attorney next week so I will definately ask then.Originally posted by woeisme View PostComment
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