Checking accounts in Chapter 13

[Anonymous]

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.

[despritfreya]

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.

[Anonymous]

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

[despritfreya]

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.