Can I start saving now?

[readytofile]

So we're officially filed as of the 14th. We got paid on the 15th. Can I start building an emergency fund now or do I still need to find creative ways to spend the money on necessities?

[backtoschool]

Sometimes the trustee asks for your bank balance on the day of your 341. This varies by trustee and by district. I would wait to build extensive savings until after your 341.

[readytofile]

Sometimes the trustee asks for your bank balance on the day of your 341. This varies by trustee and by district. I would wait to build extensive savings until after your 341.

Ok, thanks! I can do that. I mean our meeting will be in a few weeks so I'm sure I can hold off until then

[AngelinaCatHub]

There are better ways to "save" than money, that is legal and exempt. Purchase storable foods ahead. You hedge on inflation and have it in an emergency of any kind. Survival stuff as candles and batteries as well as blankets and clothes ahead as they do wear out.
It's all in how you define an emergency savings. 'Hub

[LimpDisc]

There are better ways to "save" than money, that is legal and exempt. Purchase storable foods ahead. You hedge on inflation and have it in an emergency of any kind. Survival stuff as candles and batteries as well as blankets and clothes ahead as they do wear out.
It's all in how you define an emergency savings. 'Hub

If their car breaks down in the near future, can they pay the mechanic with storable foods? I think the OP wants to saves funds for unexpected emergencies.

[whipster1]

You can put a little away, but remember the UST sometimes asks for bank statements up to the 341 meeting like they did with me. The trustee just wanted through day of filing. If you have room under any exemptions you can put that amount away I reckon.

[AngelinaCat]

If their car breaks down in the near future, can they pay the mechanic with storable foods? I think the OP wants to saves funds for unexpected emergencies.

I'm surprised 'Hub didn't mention the emergency $100.00 bill.

We each keep a $100.00 bill folded up and hidden in our wallets. This is to be forgotten about unless it is a dire emergency. I have related elsewhere where we broke down on I-26 in the Smokey Mountains--right in one of the most dangerous parts. The only way off the mountain was a roll-back driver who didn't take plastic or checks.

[readytofile]

I'm surprised 'Hub didn't mention the emergency $100.00 bill.

We each keep a $100.00 bill folded up and hidden in our wallets. This is to be forgotten about unless it is a dire emergency. I have related elsewhere where we broke down on I-26 in the Smokey Mountains--right in one of the most dangerous parts. The only way off the mountain was a roll-back driver who didn't take plastic or checks.

But what if the UST or TT or whoever wants to know why I had 2 $100 cash withdraws?

[readytofile]

If their car breaks down in the near future, can they pay the mechanic with storable foods? I think the OP wants to saves funds for unexpected emergencies.

Exactly. I have no intention on ever depending on credit again and I know it's VERY important to have an emergency fund in the savings acct. I want to make sure I have that as soon as possible of course ;)

[AngelinaCat]

But what if the UST or TT or whoever wants to know why I had 2 $100 cash withdraws?

You paid bills with it! They do NOT dissect your bank account! You are allowed to withdraw cash. After all, you might have to buy a money order with it.

As long as your income and outgo in your checking account is consistant, you won't have a problem. This is exactly why everyone is asked for the past six months of bank statements.

[readytofile]

Ah ok. I've read before people saying if you take cash to have receipts for what you bought with it. I just don't want to cause any suspicions to delay anything. I'm sooooo ready to get all this over with, ya know?

[AngelinaCatHub]

Exactly. I have no intention on ever depending on credit again and I know it's VERY important to have an emergency fund in the savings acct. I want to make sure I have that as soon as possible of course ;)

Well, I tried to answer your question; you want to save a lot of money, that at this time is risky, as 'AngelinaCat' said, keep your cash flow even at this time. If you succeed in collecting above $600 the Trustee sees an excess of funds and can call it an asset, stick 30 more days upon you and as we, an asset case, are still not closed after a year.

My suggestion was store up your exempted need for the future. The worse that can happen is you beat inflation. Stow your hundred dollar bill for emergency towing service. Put a reasonable amount in the bank for tire repairs or the like.

Making a very large account is very practical and everyone should have three to six months money saved in the event of job loss. But, everyone else is not in Chapter 7. This is only one persons opinion, and suggestion. You don't have to take it. 'Hub

[readytofile]

Well, I tried to answer your question; you want to save a lot of money, that at this time is risky, as 'AngelinaCat' said, keep your cash flow even at this time. If you succeed in collecting above $600 the Trustee sees an excess of funds and can call it an asset, stick 30 more days upon you and as we, an asset case, are still not closed after a year. My suggestion was store up your exempted need for the future. The worse that can happen is you beat inflation. Stow your hundred dollar bill for emergency towing service. Put a reasonable amount in the bank for tire repairs or the like. Making a very large account is very practical and everyone should have three to six months money saved in the event of job loss. But, everyone else is not in Chapter 7. This is only on persons opinion, and suggestion. You don't have to take it. 'Hub

Thanks for the explanation. That makes perfect sense. I don't have THAT much extra money that we'd have a whole bunch in the savings by the time of the 341. Just walking on eggshells trying not to make anything difficult on myself ;)

[AngelinaCat]

Ah ok. I've read before people saying if you take cash to have receipts for what you bought with it. I just don't want to cause any suspicions to delay anything. I'm sooooo ready to get all this over with, ya know?

That was for large amounts of cash. $200.00 is not large. If you feel better about it, draw $100.00 one week then $100.00, the next week. You will get that money in the form of $10.00s or $20.00s if you use an ATM. Take that money to the local food store and change the small bills for a $100.00 bill. Why? It is harder to spend on friviolous stuff and easier to fold up and put away.

If you deal with a local bank or CU, then get the bill in hand.

Good luck.

[AngelinaCatHub]

Thanks for the explanation. That makes perfect sense. I don't have THAT much extra money that we'd have a whole bunch in the savings by the time of the 341. Just walking on eggshells trying not to make anything difficult on myself ;)

I understand completely. We have been there. Remember, "the worry over little things multiplies into one big worry over everything". You are fretting too much at this time. Relax, take a bubble bath with candles, a bit of red wine and a good sleep. Things are going to be OK. 'Hub