Bank accounts - How much money

[jessegirl]

I have read on some threads about having money in your account when you file. My question is: When you file they say only have alittle bit of money in your account, does that also go for the same day as your 341 meeting? And if so, how much do you suggest to have in the account?

[AngelinaCat]

Our attorney only said to have the balance as close to zero as possible on the day of filing. In fact we were in a negative balance. Nothing at all was said about the 341. I think the day of filing is actually the 'snapshot' of your financial situation that is used as the benchmark.

[WoodSprite]

Our attorney only said to have the balance as close to zero as possible on the day of filing. In fact we were in a negative balance. Nothing at all was said about the 341. I think the day of filing is actually the 'snapshot' of your financial situation that is used as the benchmark.

Yep...what she said: the day of filing is the snapshot. However (depending on your State, of course) if you're not exempting a homestead, you may be okay to have more cash on hand. Here in NY it's "Cash, the lesser of either $2500, or an amount that, with annuity, totals $5000; in lieu of homestead".

[AngelinaCat]

That is correct. We have a homestead exemption here in Florida. However, other states are different, and I am learning that other states have better exemptions than we do here. So it is best to search out what your state offers.

[jessegirl]

How would i find that online? Would it be personal exemptions? I did a search but i found something that said personal exmeptions 1000.00

[AngelinaCat]

You can do a 'google' search for 'bankruptcy exemptions state' and have several sites come up and get totally confused.

Did you purchase nolopress.com's BK book on C7? If you haven't, it would be well worth it. The schedules of exemptions by state and Federal, are included. The price is around 18.00, about half the price in the retail stores. You can get a print version or a downlodable version that will answer your questions as soon as you get it.

Good luck to you.

[jessegirl]

OK thanks I will be ordering mine tonight.

[13bound]

How would i find that online? Would it be personal exemptions? I did a search but i found something that said personal exmeptions 1000.00

this site has an exemption title. go to it and it gives state exemptions.

[lrprn]

If you want to find the current bk exemptions for your state, try a Google search for "(insert your state) bankruptcy exemptions". Look each result over carefully to see if dates are indicated. Sometimes you can tell the more up-to-date ones by the amounts listed being higher or additional exemptions added on. Unfortunately there's no one reliably up to date place to get this information online.

States do update their bk exemptions periodically, so some online resources and books may be out of date. Be careful! If you are working with a lawyer or interviewing them, they can tell you the most up to date exemptions for your state.

And keep in mind that some states can use the federal exemptions in place of than their state exemptions. You can find that information online on the sites that return from the search too.