How soon after filing can you start saving?

[runnersdelig]

Our attorney is filing our case tomorrow. We are over the median income and I'm scared that if I start saving anything in my bank account the trustee might be able to come for it if we were to somehow dismissed and forced into a chapter 13.

So, can I start saving some money right after we file, or do we wait til 341 meeting or after discharge?

[tcreegan]

State cash exemption

Hello runnersdelig,

Find out what the cash exemption is for your state. That is the amount of cash you can safely have on hand. Beyond that, the trustee can take the money to pay creditors.

Best of luck,

Tom in Colo

[StartingOver08]

You can start saving immediately after the FILING date. As one of the other posters here said: filing BK is a snap shot in time, not a movie (or something like that). The filing date is the date used to determine your status of account balances and the line in the sand between pre-petition debt and post-petition debt.

[CreditCretin]

You can start saving immediately after the FILING date. As one of the other posters here said: filing BK is a snap shot in time, not a movie (or something like that). The filing date is the date used to determine your status of account balances and the line in the sand between pre-petition debt and post-petition debt.

My Attorney told me this as well. We have a real estate tax bill due in the fall, that prior to filing I simply could not save for. They told me that after the paperwork was filed it was ok to start saving for that payment, that the trustee only reviewed the balances as of the day of filing.