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Saving….during bankruptcy

We are officially filing bankruptcy on December 21st. In preparation for this process our trustee has told us to stop making minium payments for the month of December on our debts. We are doing some of the essential things we were unable to do like put new tires on our car ect. We were hoping to take a portion of the funds that we would normally have used to make our minumum payments this month to begin an emergency fund/savings account. However, I am wondering if any money we accumulate in a savings account, both in these three weeks leading to signing and during our 21 month bankruptcy will be seized as well.

Posted from: New Brunswick

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One Response to “Saving….during bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

You are correct that a savings account may end up being something that is seized as a result of filing a bankruptcy, but it will depend on how much money is saved, what your living expenses normally are etc.. What I would recommend is you discuss this with your trustee.