New here...341 tomorrow and have a question.

[bk12345]

I just found this forum...our 341 is tomorrow and never in the past did our attorney say what amount we had to have in our bank account the day we filed - this never came up and I didn't know there had to be a specific amount. We are filing Federal Exempt in Nevada.

Now, today the lawyer's assistant left a message for me saying that our bank statement needed to show how much was in there the day we filed. I've been researching this because it took us a little by surprise that she said this. No call back from them thus far...

So, I was paid on the 20th of June, a Friday, my first pay check with my new job. We paid a deposit on a rental and groceries, ect and on the 23rd, a Monday, the day we filed, there was still about $730.00 in our account. However, by the 25th, there was only about $110.00 in the account. Is the Trustee going to go through this with a fine tooth comb? What is the WORST that can happen with this situation? We are very under the median income if that matters. Thanks.

[duplantisjj]

The amount in your account AT time of filing is usually a state by state amount. You can probably google your state's BK exemptions or someone on here may know. I'm in Alaska and our state exempted amount is about $1700. This was the main question my UST asked of everyone at my 341 meeting, so I assume it's a standard question.

Good luck, don't worry, these things always seem worse than they are.

[bk12345]

Thanks. I'm googling it, but so far for Federal Exemptions, I haven't come across anything that states what we can have in our bk acct.

The amount in your account AT time of filing is usually a state by state amount. You can probably google your state's BK exemptions or someone on here may know. I'm in Alaska and our state exempted amount is about $1700. This was the main question my UST asked of everyone at my 341 meeting, so I assume it's a standard question.

Good luck, don't worry, these things always seem worse than they are.

[Cali]

I was told to have 120$ or less in my account on the day I filed. I filed on the 5th, and we got paid on the 1st. I bought money orders for all the bills, so the account would be down.

[bk12345]

Why does it have to be so low? I'm wondering if it's because we're federal exempt if that's why the lawyer or asst didn't mention it before? I wasn't worried at all, now I'm completely freaking out.....

[bk12345]

I found something online under federal exempt info that had a list of exemptions and under wages it said none? So none of your wages can be exempt? That doesn't makes sense as the lawyer said we could have a few thousand on had, but never said what to have on the day we filed - not that we even have near that on hand at any time in the last year..... So now I'm completely confused as to why the paralegal wanted the $$ on the day we filed, when the lawyer hasn't even mentioned it to us at all. I'm assuming it's not that big of a deal.....

[Cali]

I can't believe they waited until the day before. I would be past pissed at my attorney.

[pa308]

I found something online under federal exempt info that had a list of exemptions and under wages it said none? So none of your wages can be exempt? That doesn't makes sense as the lawyer said we could have a few thousand on had, but never said what to have on the day we filed - not that we even have near that on hand at any time in the last year..... So now I'm completely confused as to why the paralegal wanted the $$ on the day we filed, when the lawyer hasn't even mentioned it to us at all. I'm assuming it's not that big of a deal.....

I didnt think Nevada used federal exemptions, rather Nevada state exemptions..

[bk12345]

Yes, we're livid! No, NV itself doesn't use fed exemptions, but we lived in a couple different states in the last few years due to my last job and therefore we are able to use federal exemptions. So it's different than NV exemptions. But I'm so confused now that I guess we're just going to go in there with receipts or cleared checks and show the trustee that the money really was going somewhere, just with the weekend, it didn't clear in time for the Monday filing....I can't believe this, the night before!

Anyone know what's the worst that can happen?

[pa308]

Have you used up your wildcard?

[bk12345]

I feel like a real moron...I figured hiring the attny and paying what we paid, that HE would be the one worrying about all of this. I do not know if he used the wildcard or not to be honest....

[bk12345]

Did most of you that have been through a 341 get asked how much was in your account the day you filed?

[pa308]

Ok, I assume that he has provided you with all of your schedules correct? On schedule C it lists all your assets and what you have claimed as exempt. Look on there to see if your bank account has been listed as exempt.

For federal exemptions basically any of your homestead exemption (equity in your home) that you have not used up can be exempted. That is what is called a wildcard.

Dont stress too much, it's probably ok

[bk12345]

THANK YOU PA308!!!!!! I can rest easy tonight. Yes, it's under the Sched C as exempt....whew. Thank you for telling me that and I can't tell you all how I wished I would have found this board sooner! Thanks again to all of you for your posts. I'll post how it went!

Ok, I assume that he has provided you with all of your schedules correct? On schedule C it lists all your assets and what you have claimed as exempt. Look on there to see if your bank account has been listed as exempt.

For federal exemptions basically any of your homestead exemption (equity in your home) that you have not used up can be exempted. That is what is called a wildcard.

Dont stress too much, it's probably ok

[pa308]

Great! Take some time and review those documents thoroughly before your meeting tomorrow....I'm sure you'll be fine