Why You Must Know Your Exact Bank Balances Prior to Filing Bankruptcy
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- Опубліковано 5 жов 2024
- How much money do you have in your checking or savings account the minute your attorney presses the “file case” button and generates a new #bankruptcy case number for you?
As I discuss in this video, you need to know exactly how much money your bank shows as available funds the minute you file. It does not matter if you have written checks against that balance and it does not matter that consider those funds spoken for.
As far as your bankruptcy trustee is concerned, the balance on hand as of the minute you file represents an asset that belongs 100% to you.
If your paycheck is direct deposited, you need to know when your payroll money will hit your account. In some cases, you may not be able to protect all of the “available funds” using the #Georgiabankruptcyexemptions and in a worst case scenario you may be liable to pay an amount equal to this non-exempt money to the #trustee. #chapter7bankruptcyatlanta #chapter13bankruptcyatlanta #atlantabankruptcy #atlantabankruptcyattorney
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Thanks for such excellent information
Some of your videos are a year old but they sure are very informative and very helpful. I am in California but I am assuming the laws/ rules for the most part on bankruptcies are the same. Thank you.
The biggest difference will involve the exemptions you can claim to protect property. Still if you are in CA and need advice about BK you should talk to a CA bankruptcy lawyer.
I would love to see you do a video that explains how you can use an excess exemption in your home, for example,
and use it to offset an asset in another category. That's not something I've heard or seen explained before.
Keep 10 dollars in checking account and request your employer to issue you paper checks, but don't deposit money in account
Well if you deposit all of those checks after a discharge can’t you be under investigation for withholding assets?
@@superjam18yes absolutely and u can get the case dismissed and possibly get a nice felony on your record for bankruptcy fraud
That’s fraud
@gabrieldgallegos on top of it being fraud how u gonna survive? The checks are only good for 6 months MAX and people don't understand that even after u get the " discharge" court papers doesn't mean u clear.
THIS IS THE MOST RIDICULOUS THING I HAVE EVER HEARD OF! Must be a REPUBLI-CON idea!
That's dumb. They should use a one-month average like how interest is calculated.
NO! They should just add ALL income for the month, forget about the 'luxuries' like, your rent, light bill, groceries, medical insurance, etc. Because those LUXURY items ARE NOT necessary! PAY YOUR CREDITORS, FIRST!!! Douche bags!!!
To confirm.. it is ok to draw my cash out before filing my bankruptcy date ?
Thank you
I want to know this too, although I had a lower amount when I filed for bankruptcy.
My servicer is putting the wrong year on my payments they're manipulating my payments and trying to say I haven't paid anything on the past due balance from my forbearance also the amount that they had me to resume paying my my ex servicer Wells Fargo when I did my bankruptcy they didn't lower the amount the $58,000 that was supposed to be exempt and I'm still paying taxes on all of it too
Cool. You’re in Atlanta
How far back can they check