Q: How can I continue paying for mortg, car loan, bills, in Ch. 7 case, if I must have less than $300 in checking account?
Per Arizona law, I cannot hold more than $300 in cash or checking account, without declaring it trustee. I will keep the home due to homestead law and car loan as well, but due to loss of job I may have to sell another car to keep bills current. How this money for bills and food can be exempt and where may I keep it. I don't want to foreclose mortgage nor lose the other car because of job loss and inability to keep money that is not from exempt earned income.
A: Properly timing the date of filing your case can be key to ensuring that you do not unnecessarily lose assets in the bankruptcy. Your attorney should be able to guide you through this. If you do not have an attorney, this is one of many reasons why you should obtain one.
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