Better to file BK13 immediately before or immediately after an upcoming paycheck?

[ArizonaBK13]

Just considering strategy of if its better to file BK13 immediately before or immediately after a paycheck. Any thoughts?

I was thinking immeidately before so it's easier to bring everything down to 300?

[indebt00]

its a good idea to wait until all your bills post after payday.

also here is a tip....REMEMBER the day you file is the day of the month your payments will be due give or take a day. so....if you need your payments to be at the middle or end of the month...this is something to think about.

Ours is due on the 13th....and it has worked out so far that it coincides with paydays....so that helps us.

[optimistic1]

You want to file when your bank account is equal to or less than your allowable exemption for cash. In Arizona, it is $150 for single, $300 for married.

[StartingOver08]

Make sure the checks and debits have actually cleared your account. Usually when it gets to about a week before filing you want to do everything with money order or cash so there is no delay time in clearing of the funds. The Trustee may or may not request to see your bank statment that shows your actual balance as of the filing date - but it is best to prepare as if they will ask for it.

[lulabelle]

I am so confused....my attorney told me that there was no need to spend down our balance or worry about how much money was in our accounts because with a 13 you don't lose any assets. Now I don't know what we're supposed to do!

[lrprn]

I am so confused....my attorney told me that there was no need to spend down our balance or worry about how much money was in our accounts because with a 13 you don't lose any assets. Now I don't know what we're supposed to do!

Here's what you do. Talk with your attorney again. Ask specifically about how much cash your state allows to be exempted when you file (most don't allow very much). Ask how he/she knows the money in your account is safe. Ask how many Ch 13s he/she has filed in the last year. Ask what those cases had in their accounts on filing day and if the trustee had any objections regarding those amounts or if the filers lost any of their account money.

If you don't like the answers, then ask for a refund and start shopping for another Ch 13 attorney.

[lulabelle]

So if we have more than $300 in our account on that day, what happens? That overage is added to the amount we'd have to pay in our plan? This sucks. We've been trying to save as much as we can because we're going to have to pay in to income taxes for this year. What do we do with the money we've saved? Mattress?

[ArizonaBK13]

You can purchase "food and supplies" for 6 months.

[person197]

Does the trustee still want earned but unpaid wages?

I have heard in the past the trustee not only wants what you have in excess of $150, but they want 25% of earned but unpaid wages. Is this just Chapter 7 or no longer the case?

[optimistic1]

Here's what you do. Talk with your attorney again. Ask specifically about how much cash your state allows to be exempted when you file (most don't allow very much). Ask how he/she knows the money in your account is safe. Ask how many Ch 13s he/she has filed in the last year. Ask what those cases had in their accounts on filing day and if the trustee had any objections regarding those amounts or if the filers lost any of their account money.

If you don't like the answers, then ask for a refund and start shopping for another Ch 13 attorney.

exactly, like I said, in AZ, its 150 per person.

it all really depends, but by the book, no more than $300 on a joint filing, when I filed a ch7 years ago, the doc preparer told me make sure my bank statements are 0, so they must know something I dont.