There can be several problems. If you owe the bank money, they may seek to exercise their "set off" rights by deducting the money from your account or by freezing your account so you can't get at your money. If you file after the time you earn a paycheck but before the money appears in your bank account, the money that's on the way is part of your bankruptcy estate. The exemption laws you choose may treat cash and bank accounts differently. Not only might that mean you should empty out your account before you file, but it might mean you'd lose all or part of your next paycheck to the trustee.
There may be other problems that could come up. You should ask an Arizona attorney before committing to any course of action.
