How much cash in the bank can I have ifI file a Chapter 7 bankruptcy?

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How much cash in the bank can I have ifI file a Chapter 7 bankruptcy?

I will be filing bankruptcy in a couple months. I just want to know how much cash you are allowed to have in savings?

Asked on February 26, 2012 under Bankruptcy Law, Minnesota

Answers:

Malcolm Ruthven / Malcolm Ruthven, Bankruptcy Attorney

Answered 12 years ago | Contributor

You didn't say where you live. The things and amount of money you can protect from creditors in a Chapter 7 bankruptcy depend of the "exemptions" available, and exemptions depend on state law. In California, if you don't have equity in your home to protect, you get to exempt up to $23,250 worth of any combination of things including money. You really need to consult with a qualified bankruptcy attorney in your area.


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