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Cash On Hand

When you claim bankruptcy – are you allowed a certain amount of cash on hand? would it be so many months times the allowable amount under the Superintendents Guidelines? Please advise,

Posted from: Ontario

One Response to “Cash On Hand”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

You are able to keep sufficent cash on hand to cover your normal living expenses. Anything you have in excess to this is something that is lost as part of the bankruptcy and delivered to your trustee. Failure to provide this money to your trustee, failure to disclose the presence of any excess cash, or unusual spending of this money prior to the filing of a bankruptcy are all things that can prevent you from being eligible for a bankruptcy discharge, so make sure you are careful in the way you utilize this money.