While in a chapter 13 how much cash are you allowed to deposit in a secured credit card savings account?

Answer 1

I would check with your lawyer. Different states have different guidelines to how much you are allowed to deposit. In the state of Virginia you have to notify the trustee for anything over $500.00

AnswerWhile you are in a chapter 13 you can contribute as much money as you want. Like a chapter 7 a chapter 13 is a snapshot of what you were going through on the date you filed. What you do after that is your business. You can save as much money in the bank as you like, buy a new car with cash, and open a secured visa with a $5,000 deposit.

There are certain things you cannot do without the approval of a trustee such as buy a home, finance a car with a loan, contribute to 401K and make purchases on an unsecured credit card. I got around this by having my mother open a credit card account with Bank of America and ordering an additional card with my name on it. I have a credit card with a nice limit and 0% APR. I am not responsible for the bill and it does not appear on my credit report. I just have full access. I am currently building my credit with two secured visa's one from First Premier and American Pacific Bank. I think it will be a lot harder to do things like this when the new laws are passed later this year.