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I have a savings account. Will I lose it?

I have a savings account. Will I lose it?

It depends on which state’s exemptions need to be used. If Arizona’s exemptions are the ones that need to be used, you are allowed to have only one bank account with not more than $150 (if single) or $300 (if married) in that account. Any amount over and above the limit on the day you file your bankruptcy case can be taken from you and distributed to your creditors. Even if you wrote checks and in your mind you consider the money to be “gone,” if it is still technically in the account because the checks have not cleared your account, the trustee will make you turn over those funds (or write a new check if the funds are gone by the time the trustee makes the claim against you) to the Arizona bankruptcy court.

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Family Law attorney today. Call Thomas Law Office, PLC at (602) 788-1395.

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