Money Market Account

[broncho14]

I filed Chapter 13 in June of last year. Since That time I have been able to save $3,000. I credit my attorney for putting enough cushion where this would be possible. I have a savings account at a local bank and they are trying to get me to convert that into a money market account or keep my current savings account and open a money market account to keep the bulk of my savings. Before I do anyhting I am going to check with my attorney but I wanted to know if anybody on here had any experience with this. Will this raise a red flag with the Trustee? Things are going well for me and I would prefer to fly under the radar. My Trustee does not have a history of increasing payments according to my attorney. I do not want to give him cause to increase mine by doing something stupid. I am leaning towards just staying with what I have got because it is working but I have had several people tell me to open up a money market account if I ever had the chance. Thank you.

[Flamingo]

We too were able to save some money during our Chapter 13 and we saved it for vehicle and house expenses. Thankfully we did cause we had two bad auto repair bills and our water heater blew, all three events using up all saved money. We kept it in our savings account. We did it by cutting costs to the bone and just hunkering down and flying low during that time. I would ask your attorney about this and tell him/her you saved that money for repair purposes/emergencies. If you put it in a money market, if you need it you may have to wait a while to get it out and it would appear you are not holding the money for emergency situations. Think this one out and if I were you I would wait until you are discharged to make any financial moves like that without the permission of your attorney.

[broncho14]

Thank you. I think that I am going to keep things simple and just put it in my savings account. I will wait until I am discharged in four years before I do any type of new accounts.