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bank account

once a file what happens to my money in my bank account? does the trustee take some of it? say like i have $ 4000.00 in there….really stress out

Posted from: Ontario

One Response to “bank account”

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

When you file for bankruptcy you are permitted to retain some money in an account. However there is no exact amount. What your trustee will have to do is examine your cost of living and then in most cases the monies required to cover your normal living costs you will continue to retain. However, you will not be permitted to keep much in the way of savings. So as you can see the numbers may fluctuate a little depending on circumstance the the principle consistent. Now in your case, with $4,000 in you bank account, if most of that is required for you to live on then the you likely won’t have to worry about losing much, if any of these funds. But talk with a local trustee and they can help to determine exactly what you can expect.