Spending assets before Chapter 7
Date: Sat, 08/14/2010 - 08:22
I have seven credit cards with a total debt of 52,000. They are settling for 34,000. I am getting ready to sell some property but I won't have enough to settle every card. Can I just spend the profit from the sale on medical expenses for my son with Autism? And then, file bankruptcy? We are in the second phase of debt collection- 10 months into it. Debt Collection Agencies haven't started to sue us yet.
Try to negotiate better. Most CA's and credit cards will take 5
Try to negotiate better. Most CA's and credit cards will take 50% or less, some down to 20% on the dollar.
As for your bankruptcy question, you really need to ask a bk attorney.
