How do we keep cash when filing bankruptcy?

In Nevada, the amount of cash you are able to keep under the wildcard exemption is $1,000 each. Should you have other property that isn't protected, the wildcard exemption would need to cover those assets as well, so keeping the amount of cash on hand you wish isn't going to be possible. As is, if you invest the $15K, your bankruptcy trustee would be entitled to take that money. Meet with an attorney you can retain to get legal advice about protecting this cash.

This the kind of complicated situation that requires an in-person meeting with an experienced bankruptcy attorney. There is some controversy over how much "planning" you can do before filing bankruptcy. There are certain amounts of money and property that you can keep, and certain things you can do with the money before bankruptcy. It is possible that the trustee can review all bank and financial accounts before the filing date and try to recover transferred money. When you meet with the attorney, you need to consider your entire situation and help you decide what action to take.

Delaware allows a $25000 personal exemption for anything but that would include other things not just cash.

You need to meet with an attorney well versed in bankruptcy. If you go to a lawyer that you see advertised on t.v., make sure that you spend at least an hour with the attorney before you pay him a retainer fee. In order to keep as much as possible, you need to be sure that he has the full picture, including all of your other assets and debts. There are places that you can put your money beyond the reach of the trustee and if done right, it is perfectly legal. Make sure where ever you spend money over $250 you keep a receipt because the Trustee wants to know where the $75,000 went.

This is not the forum to get legal advice regarding this issue. It is far too complicated.

You've got it all wrong. Go to at least two attorneys that do Chapter 7, 13, and 11. If they don't do all three, don't go to them! Figure out which person is competent and which one cares for you. If you're lucky, you'll get an attorney that is both competent and cares about your situation. Follow their advice. You have many options and it really is extremely fact specific what you should file. A Chapter 7 or 11 is probably what's best for you, but I can't tell right now.

In Chapter 7 bankruptcy the trustee is responsible for distributing to creditors any amount of property owned by the debtors in excess of exempt property. Even if you transfer it to another person within two years of bankruptcy, you must report it. You could use funds to repair your residence or to pay other bills or expenses. Chapter 7 bankruptcy allows you to write off credit card debts, medical expenses, and most other debts but may result in your losing any personal property you own over $2-4 thousand. To prepare for bankruptcy, you are advised to consult with an attorney, review the standard petition, analyze your debts and property, and examine the advantages and disadvantages of Chapter 7 in your situation. Any cash you own in bank accounts or investment accounts will be subject to subject to scrutiny of the trustee. With your present liquid assets, you would lose substantial amounts. Be cautious until you analyze your situation and realize the benefits and costs. May this advice based on the limited facts in your inquiry be of some benefit to you,

What you REALLY need to do is to use some of that money to hire a very experienced and knowledgeable bankruptcy attorney who can advise you as to what sorts of bankruptcy planning you can do without it causing more harm than good. As it is, the payment to the IRS could possibly be problematic for you. Much depends upon your jurisdiction and the exemptions to which you may be entitled. Please do yourselves the favor of retaining competent counsel. This is not the time to try to save money with a do-it-yourself approach.