topic Re: Checking accounts in Chapter 13 in Bankruptcy

Checking accounts in Chapter 13

Anonymous — Thu, 29 Oct 2020 15:06:32 GMT

Hello, I am thinking and considering Chapter 13 (not eligible for Chapter 7).

I have questions regarding checking/saving accounts. Do I need to report all my checking accounts? I have a lot of accounts opened (some of them have zero amount or $10). Do I need to report all checking/savings account in Ch 13?

Is it better to close them prior ch 13?

Thank you.

Re: Checking accounts in Chapter 13

despritfreya — Thu, 29 Oct 2020 18:18:47 GMT

You are required to list any and all open bank accounts, etrade accounts, brokerage accounts and any other financial accounts on Schedule B regardless of how much is in the account.

If you close any account within one year prior to filing that information must be reported on the Statement of Financial Affairs. I believe it is question 20.

It is your choice to keep the account open or to close it but, either way, you must properly disclose the information.

Des.

Re: Checking accounts in Chapter 13

Anonymous — Fri, 30 Oct 2020 11:42:41 GMT

Thank you. In your opinion, is it better to leave them open or close?

Re: Checking accounts in Chapter 13

despritfreya — Fri, 30 Oct 2020 12:02:30 GMT

I really do not have an opinion one way or the other. My only comment is that I wonder why folks need so many bank accounts. Never understood why folks feel the need for more than 1 checking and 1 or 2 savings accounts. Gets too confusing to have so many accounts. For bk purposes, it does not really matter so long as all are disclosed.

Des.