filing bk7 after maxing out cc

sm1980 started a blog post filing bk7 after maxing out cc
10-01-2009, 10:32 PM
filing bk7 after maxing out cc

I admit that I spent July and August on a shopping spree doing some home improvements and paying off some secured debt (heating/ac unit). I had an idea that I would have to file BK down the road as I was making the $10K+ in charges and wanted to at least take care of as much as possible getting things done in my home since I would be spending alot of time here (no $$ to do anything). At this point I know I'm not going to be able to pay it back. I thought I'd be able to at least make some minimum payments for awhile but I can't even do that as the minimums on that card alone are about $400 monthly. I did pay in August the minimum payment and then only paid $25 this month which is what I did w/all my cc's even though that amount was much less than the minimum. I'm definitely going to hold out as long as possible but is it possible that they will still cry 'fraud' even if I was to wait 6 months to file? Anyone have experience. If anyone wants to judge that is fine too...I'm expecting that. I know it doesn't make it right but I just quit a job with a major US bank after working in the cc customer svc division for 6 years. I couldn't deal with all the wrong the bank was doing to our customers. 2 wrongs won't make a right but it will be gratifying to do to them what they have done to so many... :P
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2 comments
- #1
  
  Flamingo commented
  
  10-05-2009, 02:19 AM
  
  Editing a comment
  
  You already mentioned that you know you committed fraud in that you made the purchases fully knowing you would not pay the amounts back, but you may also have underlying compulsive or other issues involved in that you had to max out the cards to benefit you and to take advantage of the system because you felt it was "owed" to you in some way. You try to justify that by stating you quit your job because you couldn't stand what you saw/dealt with in your job but you did the same. What does that tell you? You are looking for a reason to justify your spending when there really is none. Filing BK may wipe away debts eventually but it does not wipe away underlying problems. Debtor's Anonymous may be of great benefit to you.
  
  Trustees can look back further than six monthis (i.e., one year) if they suspect something or creditors will file objections due to the timing/amounts. If/when you investigate filing, be prepared to possibly provide six months to one year or more of credit card statements and bank statements.
  
  Wishing you luck in getting your situation and other issues resolved.
- #2
  
  Michigan1951 commented
  
  10-07-2009, 11:03 AM
  
  Editing a comment
  
  I thought we had $1075 limit before the unsecured can say it is fraud up to the 3 months before we file? We were close on this figure, and I am scared of that already. I think we both should join Debtor's Anonymous!!
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