Help

[colleenbean]

How much should i have in the bank when i file?
Do i just get my paycheck cashed every week?
Thanks!

[BKTango]

There is no set dollar amount really, you just want to have as little as you can possibly have. Or at least what your exemptions will cover.

Most folks "time" their filing to right before their paycheck is put in, or after they've sent out all of their bills and used most of the remaining money to stock up on foods, clothing....repairs. Etc.

When we filed, we have roughly $58 in cash between the two of us (for gas), and about $150 in the bank. Basically we could use our exemptions to cover it if needed, and really it wasn't enough for the trustee to bother with lol. ....It pays to be poor sometimes. Edited to add....Our lawyer filed our petition on a Thursday, my husband gets paid every Friday. It's all about timing.

[Cassiopeia]

Ditto everything you say, BKT....that is what my lawyer advised me as well.

[SinkingFast]

Depends on if you're filing Ch 7 or Ch 13.

Generally, with Ch 7, you want your bank balance as low as possible on the day you file. Ch 13 is a whole different thing. Attnys in your area can advise you what's typical for your Court.

Deposit your check as normal. Pay bills with Money Orders. Attach the stubs to your bills and save the receipts for the MO's purchases. If you need to, get a Cashier's Check from your bank to pay your rent/mortgage.

Using Money Orders and Cashier's Checks, the money is instantly gone from your checking acct. No waiting for checks to clear.

Plan your filing date so you file a day or 2 before pay day. When your bank balance will be it's lowest.

[guzzie]

had a whole $3.65 in my checking when I filed....paid utilities and bills with money orders...