Bankruptcy?

[Subie]

Has anyone here filed for Chapter 7 Bankruptcy? I am this week and had 2 questions for anyone that knows...

1.) Am I allowed to keep my bank account?

2.) Do they take all cash in you possession, even if you hardly have ANY? We're trying to save up money to pay for a move to another country, but afraid all our money will be taken. I would hope not, or how would you survive???

TIA...

[sweeps]

Re: Bankruptcy?

Normally yes you can keep your bank account and no they don't take all the cash in your possession (otherwise you'd starve).

But what you get to keep and what you don't varies widely based on state law and your personal circumstances. If the judge finds out you're fleeing the country, that might weigh on his or her decision.

[vsjhoc]

Re: Bankruptcy?

Also keep in mind you have to pay to file for bankruptcy. The filing fees are about $300, plus lawyer's fees (this is not a good do-it-yourself project), plus the fees for the two mandatory "debtor education" classes.