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    #1

    Advantage/Disadvantage??

    Hello all....AWESOME advice on this forum!

    I will be filing ch. 13 in the near future. Is there an advantage or disadvantage filing right away...or can I wait 3-4 months and allow time to pass from my last credit card purchase/cash advance, and just bank the money for emergencies?

    Your thoughts?

    Thanks as always!
    Tags: None
    #2
    Originally posted by PyroGuy View Post
    I will be filing ch. 13 in the near future. Is there an advantage or disadvantage filing right away...or can I wait 3-4 months and allow time to pass from my last credit card purchase/cash advance, and just bank the money for emergencies?
    It's always preferable to plan your bankruptcy and the filing time. Waiting 3-4 months to file should be fine, but without having more details about why you have to file and your overall financial situation, there's no guarantees.

    About banking money for emergencies before you file, you need to be very careful about how much cash you have onhand on filing day. To keep cash, you need to be able to protect it with your state's bk exemptions. Most states don't allow much cash to be in your accounts on filing day. Cash is easy to seize, so whatever cash you can't protect with your exemptions, your trustee can take to pay your creditors.

    If you haven't done so already, it's time to set up your free initial consultations with 3-4 experienced bk lawyers in your area who file a fair number of Ch 13s regularly. You'll find out where any problem areas may be in your case, and you'll also be able to sort out which lawyer is going to represent you best over the life of your plan.
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !
    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

    Comment

      #3
      Thank you!

      When I say "bank away cash" I mean in my matress, not in our bank! I had a CC with my current bank, and have started an account with another with minimum cash in it...

      As for me, always been current with all bills...up until this month. Have a heloc and 3rd that hopefully will be stripped because my 1st mort. is 145K and I have an appraisal at 135K....

      35K in CC debt and a 17K federal tax liability from '05 and '06.....

      That's about it in a nutshell!

      Thanks!

      Comment

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