Putting Away Money in Savings After Filing

[Dan76]

So did you use your $10k+ wildcard to cover your share of the home or did you have other stuff you needed to exempt? Such a bummer re: the timing of your inheritance.

I went to your blog. You are a good writer.

Yes, most of the $10k wildcard will be put towards the share of the house. I know, the timing is just really bad, but I'll take losing some of that money over wage garnishment. Thanks for checking out my blog, it's something new I'm experimenting with. Never had anybody tell me I'm a good writer, I'm not a professional writer or anything, but thanks a lot!

[ValleYum]

So did you use your $10k+ wildcard to cover your share of the home or did you have other stuff you needed to exempt? Such a bummer re: the timing of your inheritance.

I went to your blog. You are a good writer.

[Dan76]

Which exemptions did you file with? NY or federal? Are you protecting equity in a home you own?

I filed with the Federal exemptions. I don't own a home, just a 1/4 share in a property I inherited which was is being sold next month.

[ValleYum]

Which exemptions did you file with? NY or federal? Are you protecting equity in a home you own?

[Dan76]

You did amend your petition to include the inheritance, I hope.

Yes, it's included in the petition and it's not exempt. Really sucks to file with such bad timing. I'm expecting to get about 40K when it closes, but it's all going to the trustee now!

I'll get about 12K out of it, so I'm not totally left with nothing, but the way I look at it, I would've had to use that money anyway to either settle or pay the accounts off. Even if I tried to hold off the creditors in court, I would of had to spend a lot on attorney and legal fees, so i guess either way I was screwed.

[LadyInTheRed]

I see from your other post that you becamoe entitled to the inheritance within 180 days after you filed BK. So, if you weren't able to exempt the entire inheritance, the trustee can take any portion of the proceeds of the sale that is not exempt.

If you are saving money you earned after you filed BK, that is safe from the trustee. With the exception of inheritances, proceeds from marriage settlements, life insurance proceeeds and death benefits, your exemptions are based on your assets as of the date you filed.

You did amend your petition to include the inheritance, I hope.

[Dan76]

When you file, do they base the exemptions off of how much money you have in your account at the time of filing, or what is in your account prior to discharge?

I'm asking because I'm starting to rebuild my savings and put away a little money each week, but I'm also expecting money from a house being sold that I inherited. Should I wait until after my discharge to start saving again, or is that money considered safe because I started building up the balance after filing?

I'm trying to maximize the amount of money I will receive when the house gets closed. So far the trustee hasn't requested any more bank statements after my 341, but will he to see how much money I have in all my accounts to figure out the exemptions before the discharge?

Could the trustee take any of these savings, or he can only take anything left after exemptions?