Bank Deposits

[Itsbel62]

We had our 341 on Sept. 2nd. Seemed to go ok. My husband was laid off again from another job. He still hasn't received the first unemployment check. We are still waiting for the COBRA info. (does anything go right??) My question is: How much cash can we deposit into checking to cover some bills?

thanks.

[killinstinct]

Sorry to hear about the bad luck. Hang in there.

I don't see how it could be problem for you to be paying bills, assuming you were honest about everything in your petition and at your 341.

[Itsbel62]

Sorry to hear about the bad luck. Hang in there.

I don't see how it could be problem for you to be paying bills, assuming you were honest about everything in your petition and at your 341.

thanks for the reply. i was curious as to whether or not there is a certain amount that can be deposited or does it not matter at this point.

[killinstinct]

My understanding is the BK estate consists of what you have at the time of filing. So whatever you have and are doing now is outside of that. Did your trustee ask for anything? (i.e. are you expected to turn anything over to them)

[Itsbel62]

My understanding is the BK estate consists of what you have at the time of filing. So whatever you have and are doing now is outside of that. Did your trustee ask for anything? (i.e. are you expected to turn anything over to them)

so far trustee hasn't asked for anything. i believe we are allowed to have cash on hand? I know that we were able to withdraw money, but im not sure if we can deposit. Our bank account is getting very low. I need to cover for bills as well as COBRA at this point.

[Limitman]

If they are legit bills that you must have then I say deposit it. How can a trustee object...you have to pay bills. He may ask where the money came from but other than that I dont see a problem with it.

[Itsbel62]

If they are legit bills that you must have then I say deposit it. How can a trustee object...you have to pay bills. He may ask where the money came from but other than that I dont see a problem with it.

thanks for taking the time to answer. yes, the money is needed for legit bills. As far as where the money comes from, its from the final monies given to my husband when he was laid off. From his personal days. We hadn't deposited it so that we would have cash on hand.

[BigJohn]

We had our 341 on Sept. 2nd. Seemed to go ok. My husband was laid off again from another job. He still hasn't received the first unemployment check. We are still waiting for the COBRA info. (does anything go right??) My question is: How much cash can we deposit into checking to cover some bills?

thanks.

You could always play on the safe side and just pay by money order. There are a few bills you should be able to pay cash.

[Itsbel62]

You could always play on the safe side and just pay by money order. There are a few bills you should be able to pay cash.

thanks for that.

we were thinking of paying with a money order, but the trustee knows he was laid off and we want the cobra money to show on banking since it's a large amount and it will be monthly. I guess what it comes down to is this: how much freedom do we have after the 341 to move money in and out of banking.

sorry to seem dense, but i can't even get my attorney to commit to an answer.

[frogger]

If the money is cash, as in $100.00 bills or such, you also need to consider the money reporting requirements imposed on the banks. For most cash deposits over $3000.00, they are required to report to the IRS, and for all cash deposits over $10,000, they are reported.

The banks can also report any amount on a cash deposit that they deem to be suspicious. As long as the money is legit and documented, then you have no problems.

Just food for thought.

[Itsbel62]

If the money is cash, as in $100.00 bills or such, you also need to consider the money reporting requirements imposed on the banks. For most cash deposits over $3000.00, they are required to report to the IRS, and for all cash deposits over $10,000, they are reported.

The banks can also report any amount on a cash deposit that they deem to be suspicious. As long as the money is legit and documented, then you have no problems.

Just food for thought.

thanks. actually, we just want to cover the cost of cobra and a few bills. around $1000.00.