Saw lawyer today, have questions

[indebt00]

It went better than I expected. I was so nervous. We didn't hire yet, want to see more lawyers first. I did like them. but....have some questions for you guys....

first of all...I thought we would have to provide credit card statements to the trustee and she only wanted 1 of each or a credit report. I asked if the trustee usually asks for them so I know how many to start saving/printing out. she said none that she knew of????? so are there any Phoenix filers out there?? didn't you have to provide credit card statements??
how else would they know what you have charging? I was surprised...help???

She also said that our leased car would have to be outside the bk and the purchased car in the bk...??? is this bad? we want to keep both cars....how will if affect our car loan purchase? this is a new car bought last month. will we be in arrears for 5 yrs? or what?

and lastly some bad news for us....you can not include business credit in ch 13 that is not personal guaranteedok...this is bad for us. We have a couple business credit cards and that is $800 a month minimums right there. We had to create a LLC a couple yrs ago...there is no acutal income or business assets. and its non-exempt....so there goes almost all our disposable income right there...does this sound right?

I have to digest the rest. our approx pymt was way lower than the one I got in the online means test. so that was better.

thanks !!!

[StartingOver08]

Are you sure that the business debt does not require a personal guarantee?

It is usually in the small print - on the original notice (those awful inserts) under default. Most CC's make you PG the debt on a small business account.

[indebt00]

Are you sure that the business debt does not require a personal guarantee?

It is usually in the small print - on the original notice (those awful inserts) under default. Most CC's make you PG the debt on a small business account.

that is the whole reason we applied for them...to not use PG. We do have an EIN and D&B #'s. We did not have to list a personal ssn and we crossed out the PG section on the app for one. So I am 90% sure....but I will research more. thx

[StartingOver08]

Yes, I also had EIN and D&B - the PG was still there though. You may have gotten around it by crossing it off, but I doubt it. Have you looked at your credit reports and noticed the lender did a soft pull at any time since you have had the card (maybe an 'account review' or something like that). If so, you probably have a PG.

[indebt00]

Yes, I also had EIN and D&B - the PG was still there though. You may have gotten around it by crossing it off, but I doubt it. Have you looked at your credit reports and noticed the lender did a soft pull at any time since you have had the card (maybe an 'account review' or something like that). If so, you probably have a PG.

ok...I will check the credit reports. who should I pull to see "softs". we have a credit subscription with amex (privacy guard maybe??) but they don't show softs....
they do not report to personal credit. I did my research on the credit boards for these.

how else would I find the PG? thx !!!!!!!!!!

[becky20]

I'm in Phoenix and I don't think that we HAD to provide credit card statements. I think I pulled one of each (but I told them that they might not be accurate other than account number and remittance info, because I was throwing away statements... They took most of the information from my credit reports...

[StartingOver08]

The Business cc's do not report to the personal credit reports until you are late! I found that out because I was 30 days late on them when I filed and they suddenly landed on my personal reports.

If you check your personal reports (TU, EXP, etc) look in the inquiry section that is only visible to you and not to other creditors to see all the AR or other soft pulls.

[indebt00]

I'm in Phoenix and I don't think that we HAD to provide credit card statements. I think I pulled one of each (but I told them that they might not be accurate other than account number and remittance info, because I was throwing away statements... They took most of the information from my credit reports...

ok...wow...I was thinking I was going to spend a whole online printing back statments.....I guess I just figured they would review them.

anyone else?

[indebt00]

oh...also she asked us if we could stop contributing to our 401k. we only do 5% as it is.

has anyone else been asked to give up their 401K contributions?

[eddiep]

I have heard on this site that only if your bk is selected for an audit will need to provide months or years of cc statements. We only had to provide one month cc statement to my lawyer, we have not filed yet, but I think it was for account information, not to investigate what we spent the money on. Make sure there were no big cash advances recently, and stop using them 90 days before filing.

[gettingby2008]

Wow stop contributing to 401K that is one of the areas you are allowed to give to without much concern. I was told to increase to the fullest employer match % back in Oct we filed in Feb. That is also one area you have control over ater plan confirmation and if necessary you could change % so that you have extra $$ during the month. I would question this big time!

[indebt00]

I have heard on this site that only if your bk is selected for an audit will need to provide months or years of cc statements. We only had to provide one month cc statement to my lawyer, we have not filed yet, but I think it was for account information, not to investigate what we spent the money on. Make sure there were no big cash advances recently, and stop using them 90 days before filing.

no cash advances and we are doing the 90 day thing. thx

[indebt00]

The Business cc's do not report to the personal credit reports until you are late! I found that out because I was 30 days late on them when I filed and they suddenly landed on my personal reports.

If you check your personal reports (TU, EXP, etc) look in the inquiry section that is only visible to you and not to other creditors to see all the AR or other soft pulls.

I have noticed in other posts you had business credit. So...if I we were to find a PG connection...then we would be able to include them in the bk...in theory...right?
thx again !!!!

[Overmylimit]

I had tons of business credit and only one out of 14 showed when I pulled my credit, believe me in some way they are probably guaranteed by you. All of mine were in business names and my name wasn't anywhere but I found out they all were PG.

[MJJ3767]

so are there any Phoenix filers out there?? didn't you have to provide credit card statements??

thanks !!!

I am in Phoenix and didn't have to show a thing. I am assuming if there is a problem or possible fraud, the creditor can dispute it. Otherwise, they just put in a claim and sit back to get nothing.