keeping some cash for living

August 26th, 2009 by Questions

my husband and i will need to file for bankruptcy as we can not keep up with payments any more. how much cash are we allowed to keep in order to help pay for living allowances?

Posted from: Ontario


One Response to “keeping some cash for living”

, A licensed trustee said:

Sorry, but except for the cash required for your immediate living expenses – and by that I mean this month’s rent, groceries, etc. – you are not allowed to retain excess cash or savings if you file for bankrutpcy.

Look at it from your creditor’s perspective – you owe them money so you don’t really have any of your own cash in the bank. It’s the creditors’ cash (assuming you owe more than you have in the bank).

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)