What do you do with all the "extra" money?

[debtmonster]

In Ohio that would be $480/hour but we allow 60 minutes per hour unlike in debtmonster world!

If more people would b!tch about it instead of taking it in the rump, they would lower the prices. You have to toy around with supply and demand. If you want prices to come down, just get everyone to demand less. Works for me.

[OhioFiler]

Yes, that pretty much describes it for me as well. It feels so weird after going bankruptcy. It's like waking up and getting out of "The Matrix".

What was the car repair that was done? I always do my own repairs and have been doing so for years since I can never afford anything.

Years back when I was making $68,000/yr., I went to a place to have the oil changed in my rear axle. The Amoco shop told me $80 dollars. I said, "What?!?! For 10 minutes of work? Are you insane? That's like charging $320/hr. based on that."

For the $80 they wanted to charge me, I went to Walmart, bought 2 jack stands and a hydraulic floor jack and changed the oil myself, outside in the 32 degree weather in Chicago in the parking lot of the apartment complex I lived at. Making $68,000/yr. I could have easily afforded the $80 dollars, but it was the principle.

I have always gotten my hands dirty since I was 16 years old. I had no money for car repairs when I was a kid so it has followed me through my entire life. I always do my own oil changes, rotate my own tires, do my own tune-ups, change the air filters, PCV valves, patch holes in the tires, etc. No matter how much money I make, I have been in the habit of doing it all myself.

In Ohio that would be $480/hour but we allow 60 minutes per hour unlike in debtmonster world!

[debtmonster]

Save, save, save!

I do! So I can spend, spend, spend, at restaurants and put gas in my car. Think I don't?

[debtprison]

Save, save, save!

[debtmonster]

This has been my experience too. I have found the cash lifestyle to be very freeing. We will likely never go back to credit cards. We now budget everything. We have a small cushion for play money. For instance our car battery just died last week. OOps. Wasn't in the budget. We had $30 set aside to go out for a meal that night. Bought the battery instead and made pizza at home.
Also, DH, having grown up in NYC, rarely turns a wrench. No CC to pay a mechanic to do this simple repair. No extra cash.
DH did his first ever car repair and loved it.
This. Feels. Great.

Yes, that pretty much describes it for me as well. It feels so weird after going bankruptcy. It's like waking up and getting out of "The Matrix".

What was the car repair that was done? I always do my own repairs and have been doing so for years since I can never afford anything.

Years back when I was making $68,000/yr., I went to a place to have the oil changed in my rear axle. The Amoco shop told me $80 dollars. I said, "What?!?! For 10 minutes of work? Are you insane? That's like charging $320/hr. based on that."

For the $80 they wanted to charge me, I went to Walmart, bought 2 jack stands and a hydraulic floor jack and changed the oil myself, outside in the 32 degree weather in Chicago in the parking lot of the apartment complex I lived at. Making $68,000/yr. I could have easily afforded the $80 dollars, but it was the principle.

I have always gotten my hands dirty since I was 16 years old. I had no money for car repairs when I was a kid so it has followed me through my entire life. I always do my own oil changes, rotate my own tires, do my own tune-ups, change the air filters, PCV valves, patch holes in the tires, etc. No matter how much money I make, I have been in the habit of doing it all myself.

[ease]

The living on "cash only" lifestyle, well..has truly changed my life and view of money completely. In my adult life I have never known the true value of a dollar until I filed BK, and the I don't look at anything the same way regarding purchases, value, costs, etc. First I have learned what true needs are in life that actually make me happy, and discovered that I don't need much! Affluenza = Cured!

This has been my experience too. I have found the cash lifestyle to be very freeing. We will likely never go back to credit cards. We now budget everything. We have a small cushion for play money. For instance our car battery just died last week. OOps. Wasn't in the budget. We had $30 set aside to go out for a meal that night. Bought the battery instead and made pizza at home.
Also, DH, having grown up in NYC, rarely turns a wrench. No CC to pay a mechanic to do this simple repair. No extra cash.
DH did his first ever car repair and loved it.
This. Feels. Great.

[debtmonster]

So you're better off cashing the money real quick and then tell them about it afterwards so that they can't garnish anything before you cash out. Let them try to get it from you instead of you trying to get it back from them. Easier to ask forgiveness than permission.

[music12]

that's right, except there was a story about a ch7 filer who won around $100,000 in the lottery soon after filing and the trustee took it. i don't think the trustee had any right to take it, but did so anyway. the debtor would have to go appeal the trustee's decision, which take a lot of energy obviously, and money as well.

[pookieny]

[pookieny]

Well, I thought bankruptcy on chapt 7 was a look back on your income/debts/assets 6 months before you file, not after.

[debtmonster]

Seriously? You can win the lotto after the 341? I thought you had to disclose if you won the lottery. If I win, I will have to call my attorney and see what they say.

[pookieny]

I don't get why it's being said that if you have too much cash after filing the judge can find out and switch you to a 13, when I've seen it stated on this forum a few times that you could win the lottery after your 341 and be free and clear???

[debtmonster]

You are confused. No one is saying the court will come after you for acquiring an asset AFTER discharge. What they are talking about is after you file, but BEFORE you are discharged that it could become a problem. There are any number of ways the trustee could find out. While you are waiting for discharge the trustee could decide he wants to look further into your case or the US trustee may get involved and start asking questions or for more documentation, at which point a new asset or chunk of cash could be uncovered.

But my trustee said on Pacer:

"I hereby certify that the estate of the above named debtor(s) has been fully administered. I request that I be discharged from any further duties as trustee."

and

"The information required by 11 U.S.C. Sec. 521(a)(1) as provided by the debtor(s) in this case is complete to the satisfaction of the trustee."

So should I not be in the clear and able to buy things now, even before discharge? Or do you think this could be a trick? I bet TONS of people who file bankruptcy have no idea that there is a system like this that they can check on their status. I would have never known until I found this forum.

[hereforinfo]

What I want to know is what triggers the court to know that you have all of this "extra" money that people seem to talk about after their bankruptcy is over and worry about you going into a Chapter 13 after you've been discharged from a 7.

How does the court know? Are they secretly polling your checking account to see if you have money left over every month after you're discharged?

I really don't have much left over only for the fact that we had 3 incomes before. Now we only have about 40-50% of the income we had in 2007. If I had the original incomes back, we could have a few grand extra like others here have said.

I am just wondering... let's say I go out and buy a car for $7,000 cash a month after discharge because I managed to save up or borrow cash from a relative. Is the court going to write me and say, "How did you buy that car and get it titled in your name only 60 days after your discharge?"

How would they know? If you had to furnish copies of your bank statements prior to your bankruptcy and you're no longer furnishing them after the bankruptcy, I don't see why people scare people in making you think you're going to be in trouble just because you have "extra" money left over. I thought as long as you are under the median when you file, then you are safe. Correct me if I am wrong and show me a few real live examples if you know. I am sure lots of people would like to know about this if it's possible.

My attorney told me I could buy a car now, but to make sure that I don't have too much equity in it and that I would be better off waiting until November. After reading a few posts on here, I think I am going to simply wait until the last possible day when the bank finally gets around to actually coming and take the cars. We have 2 cars financed by 2 different banks. So if one car gets taken 30 days after discharge and the next one goes 70 days after discharge, then I will try to buy a car on day 70 or 71... because public transportation = NO FUN.

You are confused. No one is saying the court will come after you for acquiring an asset AFTER discharge. What they are talking about is after you file, but BEFORE you are discharged that it could become a problem. There are any number of ways the trustee could find out. While you are waiting for discharge the trustee could decide he wants to look further into your case or the US trustee may get involved and start asking questions or for more documentation, at which point a new asset or chunk of cash could be uncovered.

[OhioFiler]

Yeah DebtMonster, I mean they do their "investigative" work behind the scenes before the 341. I think they pretty much have their minds made up whether or not they think there may be abuse going on which leads them into their lines of questioning. It's not like the 341 is the first time they have looked at your file.

Or the last time either. Petitioners with large debt levels generally receive more scrutiny from the UST.