Savings account Chapter 7 bankruptcy
3 attorney answers
Yes you can close a bank account and hold the cash. Depending on the amount of cash and what exemption option you use, you may not have a problem. If the amount of cash is sizeable, you will be asked what you did with the money. Cover this with your BK atty.
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Sure, you can close any bank accounts you have, you will just have to disclose that you closed the account, the date you closed it and the final balance in the account when you closed it. This has to be disclosed on section 7 of the petition and schedules otherwise known as the Statement of Financial Affairs.
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