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What are the savings and checking limits in bankrupcy?
We are thinking about filing for bankruptcy, but we need access to the cash in our checking and savings accounts to pay for day to day things during the process. Is the cash in these accounts exempt from the bankruptcy estate?
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My question is about a CD. If I file for Chapter 7, will be certificate of deposit be protected?This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers
Depending on the state in which you are filing for bankruptcy, you should have a cash exemption, usually somewhere between $2,500 and $5,000. The bankruptcy trustee will be watching what you spend though. If you are spending just enough to buy food and other daily things, then it shouldn't be an issue. However, if you go out and try to use up your cash buy buying exempt property during the bankruptcy proceedings, then you may get yourself into trouble.
One thing you can do is try to spend some of the non-exempt cash on property that would be exempt from the bankruptcy estate before you file for bankruptcy. But be careful, because it's a thin line between legitimate bankruptcy planning and contempt of court.
Talk to a bankruptcy lawyer to get advice regarding the strategies that can be employed to save your cash from bankruptcy while maintaining access to your bank accounts for day to day items.
Additionally, your lawyer will help you prepare for bankruptcy by utilizing all available laws to protect your property from liquidation so that you can keep as much of your property as possible (probably all of it) while still getting rid of unsecured debts such as credit cards and personal loans.
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Posted by Staff Writer on 24 Mar 2010
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