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ALL money, including CASH HAS to be reported to the bankruptcy court. If you are dishonest in anyway, it can compromise your ability to receive a discharge. It's fraud. AFTER you file bankruptcy, you certainly can start a small savings account; but, not prior. Any money prior would probably be taken to pay creditors by the trustee.

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Q: When filing bankruptcy in Calif is it possible to keep a small savings account for emergencies?
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Related questions

Do they close your current bank account when filing for bankruptcy?

No they do not close your Checking or Savings account


Can a creditor put a hold on your savings account after you claim bankruptcy?

When you file for bankruptcy, all your assets are revealed to the trustee and basically frozen. No, a creditor probably won't put a hold on your savings account after you file but they can until your bankruptcy is discharged. Usually a letter from your attorney saying you have filed bankruptcy will stop this action.


Money placed in an insured bank account so that it will be available for future emergencies is referred to as .?

Savings


Can you still claim bankruptcy with a savings account Can I still keep my savings during a BK?

Probably not; it depends on what the court arranges for you.


Can you transfer money from a savings to a retirement account and file bankruptcy?

Sure. But expect the trustee to want that money, unless the amount in the savings account was exempt. Transfers of assets otherwise available to the bankrupt estate for the purpose of filing bankruptcy is a federal crime. Consult an experienced bankruptcy lawyer, since there are permitted transfers.


Can you declare bankruptcy if you have retirement account and savings account?

Yes, you can file a Bankruptcy if you have a retirement account. Most retirement accounts are not considered to be part of the bankruptcy state, and are out of the creditors' reach. This includes traditional 401(ks), IRAs, government retirement accounts such as CalSTRS and more.


Is possible open a sbi account without pan?

Yes it is possible to open Savings Bank account without PAN


Can you have money in your savings and file bankruptcy?

The laws vary from state to state, but in general, yes, it's possible. You should speak to a bankruptcy lawyer in your location for more details.


What does savings account mean?

Generally a savings account pays interest, and a checking (current) account doesn't. Also, a savings account cannot be overdrawn, but with permission, it is possible to overdraw a checking (current) account. The previous person is correct, a savings account simply lets you save your money and make a little bit at the same time. With a savings account it is a little harder to spend it since they are not typically tied to a checkbook.


Can overdraft be possible in savings account?

No, overdraft is not possible in a savings account. Overdraft occurs when you spend more money than you have in a checking account. Savings accounts typically do not have the feature of overdraft protection, so you can only spend the amount that is available in your account.


How do you set up a business savings account so that your employees can have access to money in emergencies?

There are several options available for business saving account. After the account is set up at a financial institution the information is usually provided to qualified employees.


How do you open an online savings account?

Begin your new online savings account at the bank of your choice, online of course! You should be looking for a savings account with the highest interest rate you can find so you get the greatest return possible for your money. The process should be very easy, you can do it!