If I have to wait to file due to recent charges on cc...

[rpg1977]

So, I stopped paying on the credit cards this month because it is making my hole deeper and deeper. I do not buy anything on the cards, but routinely take out cash advances and borrow to pay other cards. The most recent cash advance was 4/30. On 5/28, there was an overdraft charge from my bank cc to cover my overdrawn checking acct.

Im meeting with an attorney this month to see about filin. If I have to wait 90 days, that would put me approximately at the end of August. In that time, do I just save all that money to pay for filing or to put in a saving's account for emergencies? Not that it will be a whole lot since I was borrowing money from one cc to pay the other...but is that the general idea? I normally have about 2500 a month in cc bills and normally borrow over half of it from another cc to pay it.

When I file, they won't take that money I saved, will they? (less the filing fee and attorney fee)? Say my cash on hand at the end of that 90 days is like 1500 or 2000...they won't take that, will they?

[woeisme]

Depends on whether you have exemptions to cover that cash on hand and what your state laws are. When you go to a lawyer, find out what the rules are, the $ may be covered with exemptions, it may not be, it varies from state to state. Spend it on necessities (stock up on food, supplies, etc) if you are really worried, then they can't take what you don't have. I wouldn't put it in a bank account that they could easily track, KWIM?

[pcn]

FWIW, some advice from experience. If you will need to do anything involving your credit rating - do it now. As soon as you quit paying it will rapidly drop. If you need to buy a car to gt you through the next 5 years, DONT wait. Do it now while you still can, assuming you still have decent credit.