Checking Accounts

[Anonymous]

I am sorry if this has been answered somewhere but I can not find the answer and I am very confused. I saw a BK attorney a few weeks ago and he informed me that with the wildcard exemption I could have up to $3000 in a checking account without the trustee taking it. Can someone explain if this is the money you can have up to the day of filing? Will they monitor your accounts after the date you filed? I also need to know this to time the date I file. I was thinking it was best to file before my next paycheck so I can make sure I'm not over this amount. Thanks.

[Anonymous]

The filing date is the key date here. Generally income received after the filing date cannot be taken by the trustee, unless it was earned prior to filing. 

For example, an annual bonus paid August 1st would presumably cover the time periods of August 1, 2017 to July 31, 2018. In some jurisdictions, the court may prorate your bonus to determine how much was earned prior to filing vs. after filing. This really varies by your jurisdiction and should be answered by an attorney in the filing jurisdiction. In short, I would:

1. Consult with an attorney about any income that brings you close to an exemption limit; and
2. Ensure said income was not earned prior to your filing date

Hope that helps!

[Anonymous]

Okay I understand, thank you.

[Shooting-For-800]

The above would only apply to Chapter 7.  

13, the trustee can take money after filing.