Should I call my CCs?

[rcoveles]

You should be able to get the Till rate by including it in your BK. I am including my new (to me) vehicle in our plan. It will lower our interest rate from 12.74% (ouch) to close to 5%. Attorney advised me that this is standard in our district. He did say we should make at least 2 or 3 payments before filing though...

This is something you should put on your list of questions to ask your attorney just to make sure though. This (advice to get a new vehicle) is an area where all of the attorneys I interviewed gave consistent answers.

I guess that answer was YES

We would probably just put it in my wife's name - she's not filing, and we're not including our house or anything else in the 13..just my CCs. I don't understand really what you meant by Till rate - are you making your car payments part of your chapter 13 payments? You have to bear with me..I never even heard of Chapter 13 really until about 2 days ago. I've been reading nonstop ever since.

[tigergem]

If you have a vehicle loan, and say you get a crappy interest rate because you are late on some of your credit card payments (like you are about to be)... under chapter 13 you sort of get to refinance it under a lower interest rate.

The reason it is called the Till rate is because it is brought to you by courtesy of TILL V. SCS CREDIT CORP. (02-1016) 541 U.S. 465 (2004)

[rcoveles]

If you have a vehicle loan, and say you get a crappy interest rate because you are late on some of your credit card payments (like you are about to be)... under chapter 13 you sort of get to refinance it under a lower interest rate.

The reason it is called the Till rate is because it is brought to you by courtesy of TILL V. SCS CREDIT CORP. (02-1016) 541 U.S. 465 (2004)

Well that's pretty cool! I guess we should start shopping ASAP! I might even get a decent rate at the moment..or not..guess it really won't matter?

[forgotten]

I incurred the debt under my business, but all of it was guaranteed in my name, and it is all unsecured CC debt. The lawyer told me it sounds like a 13 due to my wife's income level. I will know more after our meeting on Friday.

If you incured at least 50% of your debt for business use (non-consumer debt), then you can file a Chapter 7. You just need to prove that over half the debt was used for business, it doesn't matter if it was in your name or the business name.
Have your attorney check in to it, and perhaps consult several others.

[rcoveles]

If you incured at least 50% of your debt for business use (non-consumer debt), then you can file a Chapter 7. You just need to prove that over half the debt was used for business, it doesn't matter if it was in your name or the business name.
Have your attorney check in to it, and perhaps consult several others.

Well, it definitely was, but we are still over the median income, so I don't think it matters. Besides, if there is a way to continue the business while paying back some $, I'm all for it. The business is still viable - just can't handle paying all of these CCs any longer. If my payments were even HALF of what I'm paying (though I hope for less), I'd be OK.