Another banking ???

[NeedRelief]

I will be filing Ch. 7. I am a full time student and will be getting my financial aid direct deposited into my checking account soon. My question is, does financial aid money count against you or is it exempt? It is loans, grants and scholarships. Should I take the $$ out of my account? The money is going to pay for school and living expenses. thanks

[BKParalegal]

It is best to not have funds in your account prior to and up to the day of filing. Get the money out and spend it on your college expenses.

[NeedRelief]

Will do! Thank you so much!

[Cali]

I was told not to have more than 120$ in the account on day of filing. They didn't ask for proof of this, but I did make sure to have that amount.

[Tom_Mi]

This is sort of related....how would I go about removing 4100 from an account if I don't want to spend it?

assume the withdrawal is 60days pre-filing.

[Mark80]

So the day you tell them to file is the day it needs to be out? Noted! Oh is that the same for Chapter 7 and 13?

[BROKENN]

Yep, I found that out yesterday

[Cali]

Tom - I took money out and bought money orders. We got paid no the 1st and I filed on the 5th.

Mark80 - I don't know, I filed C7.

[Tom_Mi]

Tom - I took money out and bought money orders. We got paid no the 1st and I filed on the 5th.

Mark80 - I don't know, I filed C7.

So, the trustee doesn't go crazy and ask where the money orders are?

[Cali]

When I went to my 341 nothing was said about it. He didn't even concern himself with me being over median or my high debt. Of course I had the nicer of the trustees in my area.

So, the trustee doesn't go crazy and ask where the money orders are?

[slam22]

I think it really depends on how your state exemptions work. In our case here in Calilfornia we had around 7K in our checking account when we filed but because we had exempted it we didn't have to worry about it. Attorney said no sweat. Every state is different.

[Cali]

That is funny, I am in the same area and my attorney told me to only have 120$ in my account.

I think it really depends on how your state exemptions work. In our case here in Calilfornia we had around 7K in our checking account when we filed but because we had exempted it we didn't have to worry about it. Attorney said no sweat. Every state is different.

[wtu]

I'm sure everyone's experience is different. Even if you withdraw it, you have to report cash on hand and provide bank statements (at least I did). If you have an attorney talk to them. It is better to be totally honest than try to conceal anything which might be considered an asset (which I think is fraud in the bk world).