Cash before filing

[Argh!]

I was told to have under $100 in my bank account when I file. I was wondering if spending it on the following items are allowed?

1) Extra mortgage, Student Loan, or Car payment (all current)
2) Roth IRA
3) Car/House repairs?
4) House hold items i.e. replacing a 20-yr old mattress?

Thanks!

[BKParalegal]

Extra Mortgage-no. Student Loan-no, Car payment(current) then no
Roth IRA-risky
Car/House Repairs-Yes
Household Items- better spent on repair than replace.

Good Luck

[ready2puke]

Why is the Roth risky?

[keepmine]

Why is the Roth risky?

Depending on amount involved, your trustee could claim you are on the eve of bk and knowingly transfered cash {a non exempt asset} to an exempt asset to shield it from your creditors.
Make sure you put plenty of time between something like this and filing. Your lawyer can advise what will be considered acceptale in your district.
Another acceptable use of funds is, dental work, glasses, medical exam,etc.

[WoodSprite]

Depending on amount involved, your trustee could claim you are on the eve of bk and knowingly transfered cash {a non exempt asset} to an exempt asset to shield it from your creditors.
Make sure you put plenty of time between something like this and filing. Your lawyer can advise what will be considered acceptale in your district.
Another acceptable use of funds is, dental work, glasses, medical exam,etc.

Very good advice. Think maintenance - something that could not possibly be assigned a value as an asset. A mattress is an item with value. If you're keepin the house, new gutters (or paint, or a new hot water tank) are just a part of upkeep of an exempt asset.

[adaughter]

what state are you in because I was told you were able to have a lot of cash in your account well not a lot but in the limitations of your states exemptions? like for example CA has 21k in cash wont be a problem suposedly. But I'm starting to doubt this after reading everyones stories and warnings...

[ready2puke]

In Ca. that 21k is an exemption and can be used for anything...You may want to think about what you'd use it for tho. Car, property, home stuff, jewelery, work related tools. That 21k goes real fast in some cases...

[Argh!]

I live in NV, so I get 15k Car, 350k house (I wish), 100 cash, 1000 stocks.

[momof3inSD]

how do you get this info is it on the net somewhere. I live in South Dakota.