What to keep in a bank account?

[AMISLANDER]

I will be filing by October, but am curious as to how much to actually keep in my bank account?

My job just about covers my monthly bills...I have no disposable income.

I do not want to have any $ taken away from me at this point and am afraid to deposit into my account.

I have not read anything about this aspect of bankruptcy. Any help here?

[HHM]

You want to only have about $100 to $200 in your bank account on the date your file your petition with the court.

Realize, however, that the trustee will most likely want to see a bank statement that covers that date, so you don't want to show a major withdraw within a few days of filing BK just to empty your bank account.

[herekitty]

You want to keep the minimum, especially on the day of filing. Start living off of cash, get used to it - it's going to be the majority of your life for the next 10 years.

When it comes to bills - pay by money order - this way you won't have to wait until they clear. Take out your cash for the week - include gas, groceries, etc on pay day and keep a close eye on your wallet. If you're really living pay check to pay check (which most of us are) - this will be reflected. Keep ALL reciepts, just in case of any questioning of expenses. Do NOT buy luxury items.

I started doing this and you start realizing just how much things cost when you're dealing with cash and not checks or credit. Factor in that gas is going to go up over the next pay period. I've been factoring a .10 increase, although where I live it's been going up between .15 and .20.

Hope that helps!

[Annihilus]

Realize, however, that the trustee will most likely want to see a bank statement that covers that date

Is that actually the case, or is that something you should just be prepared to do in the slim chance that they ask for something?

From what I've gathered by posts here, the vast majority of the time they don't even ask for bank statements at the 341 meeting. I'm bringing mine, but wonder if it's even necessary. The letter from the court indicate I only need to bring a driver's license and social security card (same thing my lawyer told me).

[HHM]

They usually request a bank statement that covers the month you filed your BK. All I am saying, is you should plan accordingly regarding how much to have in you bank account at the time you file.

[hhou812hh]

You want to only have about $100 to $200 in your bank account on the date your file your petition with the court.

Realize, however, that the trustee will most likely want to see a bank statement that covers that date, so you don't want to show a major withdraw within a few days of filing BK just to empty your bank account.

HHM, I here a lot about people asking this question. Isn't say $2500 or so exempt providing you don't have a homestead exemption? In NYS it's 2500 w/o HS and $1000 with the homestead. Why do we need to withdraw money upon filing?

Thanks in advance!!

[edwards2]

Just because they dont tell you to bring your bank statements to the 341 doesnt mean they wont ask you for them. We submitted ours to our attorney and then were asked to submit MORE documentation so HHM is trying to tell you to BE PREPARED. You never really know when or if they will ask for it. We are a prime example. We didnt submit all the info the first go around so we had to have our one on one with the trustee. You DONT want to do that either.

[FloridaGirl]

I had to supply my bank statement for the month I filed. It is always best to be prepared. You should take your tax returns for the last couple years, and any vehicle titles or registrations too. You may not need all these things, but it's much better to have what might be asked for as opposed to having your case continued.

[freshstarter]

We got a letter telling us to bring an ID and SS card. I plan to bring a folder of things like bank statements, etc., but wouldn't they have requested more in this letter if they wanted it?

[AMISLANDER]

Thanks for the information

We got a letter telling us to bring an ID and SS card. I plan to bring a folder of things like bank statements, etc., but wouldn't they have requested more in this letter if they wanted it?

Since I'm not filing till October, this is good information that I can use to build a file to be ready...but, yeah, I'm afraid to cash my paychecks! LOL...I don't like having cash all over the place...I haven't had a balance greater than $1K since June. My lawyer had told me they could go back 3 mo. in regards to the date I file on.

I wonder how they deal with individuals who squandered all their money on drugs & cars like I did? I do have a newspaper article that does document how much I spent, will that help in the long run or will those trustees be rolling their eyes at me?

Good news is, I'm working and clean.

[herekitty]

Frankly, I think that speaks to exactly why Bankruptcy is in place - it's a new start and you should be extremely proud of yourself for taking it on!

[herekitty]

Oops forgot to add - about the cash, one person had a really good idea ... if you don't want the cash just lying around, but giftcards with it. You won't squander the money because you can't use it any other place. They said to take the cash and buy grocery store cards, gas cards, etc. Then use money orders/cashiers checks for all bills. I think this is a great idea - maybe that would work better for you?

[AMISLANDER]

I'm doing the M.O. thing presently

That's why I haven't cashed my paychecks....I had some $ I took out of the bank to pay bills & have been using that sum just to deplete it...I didn't want to give up my checking/savings account & ATM card...from what I've been reading, it might be hard to get it back. I have been banking with my same bank since 1992...they've been with me since I built my home, divorced my xhusband, and did my drugs.....I didn't know if it would look better to put my paycheck in and write my checks, but you're right, when it's all cash, you realize how FAST it goes!!!

I think I might just cash the checks & make a M.O. out to myself...?

What do other people do? We all must have this same predicament before filing, eh?

[Minnymouth]

Me, I've been dealing with cash....keep enough in the checking acct to pay bill online.....
It's amazing when you see the cash go down, how you watch it much more closely....and what your spending it on....

Minny

[herekitty]

I'm doing the same thing Minny is - using cash and keeping all my receipts, then I bill-pay online everything that needs to be paid. Lawyer & rent are my only checks.