Saving in Ch 13

[brtb]

Hi,

DH and I are one year into our confirmed Ch 13 plan. Are we allowed to open a savings account and save what little money we can? I'm talking a couple hundred dollars a month.

Thanks!

[LadyInTheRed]

Yes, you can open an savings account and save whatever you can. It really is a necessity for a successful Chap 13, IMO. You need to save for the unexpected expenses that come up during your BK.

[wikkibird]

Yup, I opened a CD and was sticking money in it before hubby's demotion on June 1st and my lawyer thought that was great we were sticking to our budget AND squeezing out savings for a rainy day. :-)

[rpg1977]

Its essential! We were able to fix a leaky roof with cash from our savings account. Our lawyer had made sure to "overshoot" our budget in our plan so that its easier for us to take the difference and save. For example, even though we don't, she put down $100 a month for haircuts. I trim the girls hair and my husband shaves his. We put that 100 that was allowed to us in a savings account. Our grocery budget was decent, but I use coupons and shop at Aldi and put the difference into savings. There are ways to cut here and there and fund a savings account.