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Spending After Filing Chapter 7

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Spending After Filing Chapter 7

Hello all,

 

I just filed Chapter 7 Bankruptcy yesterday, and must say, I feel a mix of emotions: I'm relieved that I will have a fresh slate, but still a little worried about the process completing. It was quite the endeavor getting my bank account below the $300 exemption that I am allowed to claim under Arizona law.

 

I do have one question: do I need to still watch how much I spend and what I spend my money on now that I've filed. I'm concerned about raising red flags with the bankruptcy trustee once they are assigned. Does anyone know what they look for with spending after I have filed?

 

Thanks!

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Re: Spending After Filing Chapter 7

I filed BK7 in Arizona is 2010. I don't recall any scrutiny on spending after I filed, they wanted bank statement at the time of filing and previous statement to look at my spending prior to filing. They know what your current income is so reasonable spening within your income is expected, just don't spend more than what can be expected for your income. 

 

How's your car situation? The one offer you can expected to be flooded with is from car dealers claiming that if you have a pulse they can get your financed. I was fortunate in that I owned my then 7 year old car free & clear and its value was just under the $5k exemption.


Fico 08: 720/721/719 TU/EX/EQ
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