How much cash in the bank can I have ifI file a Chapter 7 bankruptcy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How much cash in the bank can I have ifI file a Chapter 7 bankruptcy?
I will be filing bankruptcy in a couple months. I just want to know how much cash you are allowed to have in savings?
Asked on February 26, 2012 under Bankruptcy Law, Minnesota
Answers:
Malcolm Ruthven / Malcolm Ruthven, Bankruptcy Attorney
Answered 12 years ago | Contributor
You didn't say where you live. The things and amount of money you can protect from creditors in a Chapter 7 bankruptcy depend of the "exemptions" available, and exemptions depend on state law. In California, if you don't have equity in your home to protect, you get to exempt up to $23,250 worth of any combination of things including money. You really need to consult with a qualified bankruptcy attorney in your area.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.