Do we still need to keep receipts?

[4ever]

At the beginning of the BK we had to keep every single one to show the lawyer, but now after our 341, do we need to keep all the small ones? Like running to the store to pick up a couple of items? That's alot of receipts for the next 5 years. I always keep the big ones and ones from doctor visits and such. Just wondering about all the small ones now. This is with cash. Anything spent using a check I save those copies anyway.

[AngelinaCat]

You might want to keep those receipts for a run of six months or so, so that when you are planning your budget, or amending it, you can see where that little 'pocket change' goes. You might want to make up an Excel spreadsheet so that you can see the trends of where your cash goes. But as for keeping every single one over the next five years? I don't think that is really necessary.

But if you use cash only, or a debit/credit card as we do, you may want to keep them if they are over a certain amount.

[1dayatatime]

I file every receipt for each puchase in an envelope labeled for each month. I also, as AngelinaCat has suggested, keep an Excel spreadsheet with all income and outgo for each month. I don't do this for the lawyer or trustee, I do it for me. I want to know where every penny is going. I've learned my lesson. I'm halfway through a 36 month 13, and from nothing, I have a bigger savings account than in my entire life. I had no idea how much I could cut back till I started actually looking at where the money was going. Information is power. Take control of your money.

[4ever]

Thanks. I think I'll give it a go with both the suggestions.

[kornellred]

I don't keep any receipts. The trustee could care less where your money is going as long as you keep making the plan payment on time and without fail each month. Most bottom-line expenses are filed electronically anyhow. You may find it useful to keep receipts as a matter of personal discipline.

[lrprn]

The best advice is to keep all receipts used to calculate your income and expenses on your Means Test and Schedules until your case is confirmed. If your trustee has objections to your plan figures (and objections are somewhat common in Ch 13), those pre-filing receipts are what you and your lawyer will use to deal with the objections and support your figures.

After confirmation, ask your lawyer what you should keep and what is ok to discard.

Many of us continue to keep ongoing expense and income receipts even after confirmation in case something significant and unexpected happens that requires a plan modification to remain in Ch 13. It's far easier than trying to recreate everything that's needed from nothing. It also provides accurate figures for budgeting and budget adjustments throughout the plan as well.