We are planning to file chapter 13 in about 2 months or so. We are behind on all CC since January. Including my Credit Union card, which is where I have our truck loan.....
I read about cross collateralization on here today, it's a new term in my vocabulary as I didn't know this existed until I got a letter in the mail last night saying that we are $678.00 behind on my visa and if we don't pay it, they will repo the truck.
My question is, if we pay this to the CU towards my visa to keep the truck is this considered preferencial payments? We're hoping to buy some time before filing. Or should we just file now? We need both vehicles for my DH and I to keep working. He works out of state an hour away.
I read about cross collateralization on here today, it's a new term in my vocabulary as I didn't know this existed until I got a letter in the mail last night saying that we are $678.00 behind on my visa and if we don't pay it, they will repo the truck.
My question is, if we pay this to the CU towards my visa to keep the truck is this considered preferencial payments? We're hoping to buy some time before filing. Or should we just file now? We need both vehicles for my DH and I to keep working. He works out of state an hour away.
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