Bankruptcy exemption question?

The simple answer is yes, the wildcard exemption can be used on your bank accounts. The more complicated issue at hand is properly utilizing the wildcard exemption. If you had equity in your house at the time of filing; the wildcard exemption is reduced to the extent you have used your 11 usc 522(d)(1) exemption. Essentially, you are nearly correct with regards to $22,000.00; the amount is actually $22,400 for joint filiers.

Now if you had a home with equity; your wildcard exemption would be limited to $1,075 per filier plus up to $10,125 of any used 11 usc 522(d)(1) exemption per filer.

Keep in mind that you likely still need to pass BAPCPA means tests to qualify for a chapter 7 bankruptcy.

The Wildcard also is the exemption that protects the bulk of your miscellanious property. Make sure that it is used properly. Another thing that trustee's have been targeting (especially pro se debtors) is the next year's income tax refund. Arguably, in your case the future refund (presumably 2010) would not be property of the estate was established at the time of filing the original bankruptcy.

Just another friendly tip: nothing you find online will replace the advice of a LOCAL professional. Having somone know your entire financial background can better help answer your questions, instead of providing general info.

My answer here is in NO WAY intended to be legal advice and is just general purpose information, readily available in US statutes.

You'll need the assistance of a bankruptcy attorney to convert your bankruptcy. You need to ask the bankruptcy attorney to be certain. If you didn't roll the disbursement over into a qualified IRA or another 401k, then it is my understanding that any money in a regular savings account is subject to satisfying the bankruptcy creditors.

That is the way it was when we filed our chapter 13 two years ago, and we've not converted to a chapter 7.

If your spouse can draw unemployment compensation, you may not be allowed to convert to a chapter 7 until the unemployment payments stop. My wife was also unemployed for 6 months, but since she got unemployment compensation that was "close" to her previous take home pay, our attorney told us we couldn't convert until the payments ran out and she was still unemployed.

The bankruptcy law regarding the scope of the Chapter 13 discharge is complex and has recently undergone major changes. Therefore, you really should consult competent legal counsel.

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is that $4600 before or after expected income taxes and 10% early withdrawal penalty?

so it might be even less money to worry about