Should I get the cash out of my savings account before filing bankruptcy?

There is no legal need to take the cash out—the bankruptcy laws do not freeze your access to your bank account.

There may be a practical benefit to doing so, however, particularly if your bank is one of your creditors (e.g. you owe them money on a bank-issued credit card). If you owe your bank money, they may choose to close your account or block your access to it. They may even try to take money out of it to pay the debt, even though that is not legal once you have filed for bankruptcy.

Be aware though that it’s fraudulent to try to hide assets, such as money in a bank account, from your creditors. It’s one thing to take money out to ensure access to it; it’s another to take it in order to try to hide its existence or location.

A bankruptcy attorney can help you understand not just the bankruptcy process, but also how best to prepare yourself and your finances for bankruptcy.

Talk to a Bankruptcy Lawyer well in advance of filing for bankruptcy. Often, the most important part of any bankruptcy case the the pre-bankruptcy planning and legal strategy. This is when you plan to protect most of your assets and erase your debts.