Did you lose anything you werent prepared to lose?

[pcn]

Did you end up losing anything that your attorney (and you) thought you would keep? I'm wondering what the likelihood of surprises is, even when you think things are well thought out. Thanks.

[Tom_Mi]

The exemption game wasn't as smooth as I was told.

Take 3 months, and EMPTY your bank accounts. Bury the money in a shoe. then let the accounts sit another 3 months before filing.

[TEW]

NOPE I could have kept some things I let go.

[kathy4530050]

The exemption game wasn't as smooth as I was told.

Take 3 months, and EMPTY your bank accounts. Bury the money in a shoe. then let the accounts sit another 3 months before filing.

Really? What happened? I'm in Michigan too--Western district, how about you?

I have about $15,000 in the bank right now and was looking at filing next Sept/Oct. I thought it was ok to leave it in there as long as it doesn't show up on NEXT month's statement. Do you think I should take it out now and wait even longer to file?

[Tom_Mi]

Really? What happened? I'm in Michigan too--Western district, how about you?

I have about $15,000 in the bank right now and was looking at filing next Sept/Oct. I thought it was ok to leave it in there as long as it doesn't show up on NEXT month's statement. Do you think I should take it out now and wait even longer to file?

Well, I had about 10k and with 2 cars worth 3,500 and about 1700 equity in a boat, I still owe the trustee about 750. And I truly believe my atty is on top of his game.

Sorry, I can't tell you how to proceed, but I would have kept my accts between 0 and payday+15%...for about 3months.

I've heard freezers are a good place to keep cash. (that's not advice either)

[kathy4530050]

ok. Anyone else? Anyone know if it's ok to have $$ in the bank if it doesn't show up on the first statement of your 6 month lookback period?

[pcn]

Well, I had about 10k and with 2 cars worth 3,500 and about 1700 equity in a boat, I still owe the trustee about 750. And I truly believe my atty is on top of his game.

Sorry, I can't tell you how to proceed, but I would have kept my accts between 0 and payday+15%...for about 3months.

I've heard freezers are a good place to keep cash. (that's not advice either)

So if there is something that turns out not to be exempt, do you get the chance to "buy it back" or do they just take it, without you being able to do anything to save it? It almost seems like you make your best offer, and if you miss something that's it. Or does some negotiation take place?

[ansky0007]

ok. Anyone else? Anyone know if it's ok to have $$ in the bank if it doesn't show up on the first statement of your 6 month lookback period?

And what you you plan on doing if the trustee decides he wants 12 months of statements? Mine did...

[kathy4530050]

Yikes! My lawyer only asked for six. I got a cash influx on some old accounts receivable in February so decided to wait to file until they fell of the lookback period. Why did the trustee ask for 12 months? If the whole thing is based on the past 6 months, why even ask for 12?

[StartingOver08]

Kathy, I had to provide two years of bank statements, 4 yrs of tax returns, 3 yrs of credit card statements, 10 YEARS of real estate transactions where I was a principal...etc., etc.

When you have a business, you get extra scrutiny. When you are over median income too. I don't know if the amount of debt is a trigger or not because I had the other two items, a business and over median income.

[kathy4530050]

Kathy, I had to provide two years of bank statements, 4 yrs of tax returns, 3 yrs of credit card statements, 10 YEARS of real estate transactions where I was a principal...etc., etc.

When you have a business, you get extra scrutiny. When you are over median income too. I don't know if the amount of debt is a trigger or not because I had the other two items, a business and over median income.

I think that my situation is probably far simpler than yours. The only property I've ever owned is my home, and that's going into foreclosure. I haven't even had to pay income taxes for the past 3 years. I'm pretty sure I can plan to come in under the median too. I had 2 part-time employees for just part of last year, otherwise it's just me. My income has fluctuated wildly over the past 10 years--the past few years have been hard. One year it went up to $260,000, but that was an unusual year. I've set up an appointment with a second attorney. We'll see what he thinks. Thanks for the info though. It helps me know what kinds of questions to ask.

[kathy4530050]

The exemption game wasn't as smooth as I was told.

Take 3 months, and EMPTY your bank accounts. Bury the money in a shoe. then let the accounts sit another 3 months before filing.

Ok Tom. I just got back from the bank. I withdrew $5,000 from my business acct--that's all they could give me. I'll go back tomorrow and withdraw more. You made me nervous. So now it's all in a vase inside the bookcase . . . .

[Doghouse]

I will have over 12K in my bank accounts when I file and it will be covered by California's wildcard exemptions (up to 21K and change). Also my lawyers says they do NOT require your bank statements in my district here in N. Calif. Not 1 month. Not 6 mths. Not one year. None.

[kathy4530050]

I will have over 12K in my bank accounts when I file and it will be covered by California's wildcard exemptions (up to 21K and change). Also my lawyers says they do NOT require your bank statements in my district here in N. Calif. Not 1 month. Not 6 mths. Not one year. None.

Wow. California is a good state to go bankrupt in. In Michigan--no wildcard anything and at least 6 months bank statements. AND we have the highest unemployment rate (11.6%) and lousiest economy in the nation. If anyone ever needed a wildcard exemption is the Michiganders . . .