Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Filing Ch 7 is $20,000 bank account exempt?

  • Filter
  • Time
  • Show
Clear All
new posts

  • Filing Ch 7 is $20,000 bank account exempt?

    My attorney says because we do not have any real estate/ mortgage, we can use our exemptions to protect our checking and savings accounts, which total around 20K. We live in Texas, and he says he will use federal exemption laws and not state. We are filing Chapter 7 due to credit cards and medical bills. We rent and have 2 vehicles that we are upside down on but keeping. I am really nervous about this. I am trying to educate myself on this exemption and wild card stuff in this short time before filing. The more I read, the more I become worried about losing this money. Can this money really be "off limits" and "protected" as our attorney says? Any advice is greatly appreciated!!

  • #2
    I didn't think Texas allowed a wildcard exemption.


    • #3
      i am guessing that is why he said he would use federal and not state? but i am not finding anywhere showing you can protect cash. i am nervous about going any further with the process not knowing the answer. i will keep reading/researching


      • #4
        This site has both Texas exemptions and Federal Exemptions for you to review:
        Filed CH 7 9/30/2008
        Discharged Jan 5, 2009! Closed Jan 18, 2009

        I am not an attorney. None of my advice is legal advice in any way..


        • #5
          When you use the federal exemptions there is a wildcard and additional wildcard for unused homestead which is what your attorney is suggesting you use.

          I have a home, but the value allowed an extra 10,000 of wild card, if you don't have a home you should be allowed almost 20,000 of wild card, but that doesn't leave much for anything else. Spend some of the money on things you need. Not paying down debt or buying up assets.

          Ask you attorney if you can make a Roth IRA contribution for both you and your spouse for the year if you haven't already. Also make all your payments like electricity, water, sewer, phone, rent, etc for the month to minimize the balance. Get your car repairs done, like oil changes etc.

          if the trustee sees a lot of cash, it may be exempt, but it makes the trustee think they might be able to get some money out of you by objecting to other exemptions, etc. cash makes you a tempting target.

          This is not legal advice, ask your attorney, communicate with him or her, apparently he or she is not answering all your questions adequately, or you aren't asking.


          • #6
            The federal wildcard exemption can be used to protect any property, according to the code - 11 USC 522(d) (5). Seems to me that money is property, but sounds like your attorney knows what they're doing.
            Case Closed > 2/08/2010


            • #7
              The OP mentions `we' -- filing as a married couple with Federal exemptions, and with an unused homestead bumping up the wildcard, brings you up maybe over 40k given the married-doubling, I'd have thought. I've never seen any hint that cash isn't fine as a Federal wildcard exemption.

              One warning is that some banks have been known to freeze the account for a while during the bankruptcy process even if the cash will be all yours in the end.


              • #8
                I have a question I haven't filed my taxes for 2009 and I am considering filing BK7 and I am wondering if my taxes are going to be taken. I usually get around 6K every year. I am a single parent and my income this year was pretty low due to an illness I had earlier this year. My car got repo today and I dont have anything of value. So I am wondering if my taxes are going to be taken by the Trustee!


                • #9
                  That's an interesting question. I've seen other posts here that certainly suggest you might get your refund taken but I haven't read anything especially authoritative either way. I'd certainly plan for the possibility. (Well, I wouldn't - I owe the IRS a lot, there's no way they're sending me a check!)


                  • #10
                    Originally posted by mzmetra View Post
                    I have a question I haven't filed my taxes for 2009 and I am considering filing BK7 and I am wondering if my taxes are going to be taken. I usually get around 6K every year. I am a single parent and my income this year was pretty low due to an illness I had earlier this year. My car got repo today and I dont have anything of value. So I am wondering if my taxes are going to be taken by the Trustee!
                    The answer to this question depends on a lot of things. Firstly, what state are you filing in? If you can use the federal exemptions you can potentially protect any prospective refund using the wildcard exemptions. $6K is more than the standard wildcard, but any unused homestead exemption of just over $10k can be applied to any asset (double that for married couples).
                    Case Closed > 2/08/2010


                    Unconfigured Ad Widget