I’m going to be filing chapter 7 (no-assets) at some point down the road – after reading hundreds of posts on this site, it seems the best way to “prepare” is to stop using cards and going to cash for 90 days minimum to avoid the presumptive fraud rule, and then wait as long as I can (until I get sued/receive a summons), and at that time, file. I’m going to see a lawyer this week.
I’m 35 days into the 90-day presumptive fraud rule, so two months to go and at least that part is done. I know they can still come after you, after the 90-day rule if they believe they can prove intent to fraud, but I’m going by the book, as they say, as best I can to avoid any challenges. I’ve got about $75K in credit card debt, spread out amongst 8 cards. Sparing you all the details… the question I have – my biggest concern, is that I spent $4500 on airfare for my family three months ago. At the time I thought I could make the payments but I just lost 40% of my pay at work. Not to make excuses, I created the problem and life happened and here I am. Anyway… I’ve made two payments on that card with the airline tickets. I was planning on continuing the payments up til I file, so I don’t look like I bought the tickets when I was insolvent. I know that’s fraud. So two months I’ve paid on it – now it’s November… and I’m broke.
The million dollar question… should I pay that card a third straight month or does it not matter at this point? Two months or three – does it matter? I’m just worried the creditor will see the purchase and file an AP on me – and at the same time, I’ve paid that card until now – never missed a payment. Two months since the airline tickets, paid the card two months… now I’m really strapped for cash and I just don’t know what to do with that. I want to pay it – obviously for several reasons, but more so to show I’m making the effort – my intentions and such, and avoid any issues when I file. Or, does anyone think it would even matter – two consecutive payments vs. three, so why shell out the money when I need it? I’m going to run this by my attorney – when I get one, of course. Just wanted to see what anyone thought.
IMHO the obvious thing to do seems like one wants to demonstrate an intent to repay a debt… the part that’s stressing me out is that I have only made two payments on that card and I feel I should make a few more to establish that intent.
I respectfully ask for any thoughts, suggestions, or opinions on this… thank you in advance!
I’m 35 days into the 90-day presumptive fraud rule, so two months to go and at least that part is done. I know they can still come after you, after the 90-day rule if they believe they can prove intent to fraud, but I’m going by the book, as they say, as best I can to avoid any challenges. I’ve got about $75K in credit card debt, spread out amongst 8 cards. Sparing you all the details… the question I have – my biggest concern, is that I spent $4500 on airfare for my family three months ago. At the time I thought I could make the payments but I just lost 40% of my pay at work. Not to make excuses, I created the problem and life happened and here I am. Anyway… I’ve made two payments on that card with the airline tickets. I was planning on continuing the payments up til I file, so I don’t look like I bought the tickets when I was insolvent. I know that’s fraud. So two months I’ve paid on it – now it’s November… and I’m broke.
The million dollar question… should I pay that card a third straight month or does it not matter at this point? Two months or three – does it matter? I’m just worried the creditor will see the purchase and file an AP on me – and at the same time, I’ve paid that card until now – never missed a payment. Two months since the airline tickets, paid the card two months… now I’m really strapped for cash and I just don’t know what to do with that. I want to pay it – obviously for several reasons, but more so to show I’m making the effort – my intentions and such, and avoid any issues when I file. Or, does anyone think it would even matter – two consecutive payments vs. three, so why shell out the money when I need it? I’m going to run this by my attorney – when I get one, of course. Just wanted to see what anyone thought.
IMHO the obvious thing to do seems like one wants to demonstrate an intent to repay a debt… the part that’s stressing me out is that I have only made two payments on that card and I feel I should make a few more to establish that intent.
I respectfully ask for any thoughts, suggestions, or opinions on this… thank you in advance!
- JC
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