One week before the 341 meeting takes place (often one month after filing), the Bankruptcy Trustee requires you to submit your previous year’s bank statements. If, however, you hold extra cash not reflected in the statement balance, for instance, in a mattress, then you should report this to the Attorney or the Trustee.

A bankruptcy attorney may help in spending down some of the money in property you can exempt (property you are allowed to keep), and if you qualify for the Federal exemptions, you will have the right to keep up to about $12,000 in cash.

Bankruptcy is a last resort for people who cannot see their way out of debt. If the process is abused by intentional omission or lying to the bankruptcy court and the Trustee finds out there’s extra cash, then the Trustee will either dismiss the case or report you to the judge for fraud, perjury or other felony charges.

If you need help in filing for bankrutpcy, contact a Boston bankruptcy lawyer at (617) 273-5110.