No your basically taking away the revenue you have by fling so it's like having nothing when you file and your trying to get back on your feet thats basically what your doing when you do file

Huh? (re: softbabe's answer)

The "new" code is from 2005 . and you could never have any mor ethan a weeks pay befor eor after the 2005 revisons, and 50 dollars in th ebank si a safe bet.
did you have a specific question about a chapter or how you qualify?

(everybody send bad vibes to our vice presidents son who lobbie dthe 2005 revisions through on behalf of lenders) shameon you Biden, shame shame

No. There are state exemptions or exempt property. You should check with a bankruptcy lawyer in your state. They would be able to advise you better as it depends upon your situation.

One can file for bankruptcy no matter how much $ he/she has. However, pursuant to the 2005 bankruptcy reform, to qualify for Chapter 7 relief, income must be below the median for the petitioner's state of residence based on their family size. i.e. A means test (form 22) must be completed to demonstrate eligibility for Chapter 7 relief, else a Chapter 13 petition would be required as the alternative.

HOWEVER, in a Chapter 7, there is an exemption schedule outlining what assets may be retained by the debtor after a general discharge. Non-exempt assets will be used by the chapter 7 trustee to pay (proportionately) unsecured creditors after those assets have been liquidated. There are two types of exemption schedules: Federal and State. One cannot mix the two but must choose one or the other. Each has its advantages and downside regarding what can be retained by the debtor. CASH (or $ in the bank, etc.) is the easiest for a bankruptcy trustee to liquidate and typically has the smallest exemption limit. This is why well heeled bankruptcy petitioners engage in pre-bankruptcy planning where they order their affairs (transparently!) in anticipation of filing arranging their assets in a manner most advantageous to the type of exemption schedule they expect to utilize. Bankruptcy is a complex area of law intended to provide honest debtors a fresh start. It does not allow fraudulent conveyances to frustrate creditors and a bankruptcy trustee may 'void' such transfers. Furthermore, any attempt to do so without revealing as much in the bankruptcy petition (and schedules) could be construed as bankruptcy fraud...a serious offense. A bankruptcy petition may do nothing to 'hide' assets or transfer them to defeat a creditor's claims and attempt to recover the money for a lawful debt.