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Should you be behind on payments before filing bankruptcy?

Date: Thu, 11/06/2008 - 08:07

Submitted by anonymous
on Thu, 11/06/2008 - 08:07

Posts: 202330 Credits: [Donate]

Total Replies: 3


I have tried my hardest to stay current, but with them raising my interest rate on my credit card sky rocketing to 29% after one late payment, I can't afford to pay it. I have 2 more credit cards that I am not late on right now. Does that matter? I just made an appointment with a BK lawyer for next Thursday 'cause I can no longer pay my minimums. Bad thing is, I wasn't expecting to have to file BK and have used some of the cards for small purchases recently. Now that I've decided that BK is my only option, I will obviously stop using the cards, but should I wait a while before I file? Should I be delinquent on my payments for a longer period of time?


I don't believe you have to be past due, however normally when you talk to the BK lawyer they will tell you to stop paying payments. As for using the cc recently, I believe there is a "limited" amount you can spend prior to filing. I want to say like $500. but don't quote me on that. Your lawyer will be able to give you the correct answers. I think the "time frame" for spending prior is like 90 days.


lrhall41

Submitted by lmale on Thu, 11/06/2008 - 08:15

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Consumer debts owed to a single creditor for luxury goods or services are presumed to be non-dischargeable if:
they total more than $500.00, and
they are incurred within 90 days of filing the bankruptcy.
Cash advances of more than $750.00 obtained within 70 days of filing the bankruptcy are presumed to be non-dischargeable.


lrhall41

Submitted by alias1958 on Thu, 11/06/2008 - 19:58

( Posts: 1230 | Credits: )