Paying creditors up to bankruptcy...

[whatamess]

Here is my question.
We plan to file in March. the delay is because of charges in October & the fact I was paperless and have no statements from before that and want to have a least a few months worth.
I have three companies I pay to with a total of 5 accounts. Three are BOA since mabna merged with them. One Is Discover, the other Chase. I owe Discover & Chase each a few thousand so my minimums are about $200 & $100 a month. On the other hand my minimums for BOA/Mbna are $480, $100, and $200. Will I have to deal with the whole preferential payment deal? I figure when Chase & Discover see how much BOA has been getting they will go nuts right?
I can barely make payments as it is....I had some $$ set aside we have been paying with and its running out. I was hoping to file our taxes right in Feb, get them back, pay a lawyer with the tax return & file immediatly.
Should I maybe not pay that big hefty $480 bill though for a month or so as not to cause the trustee a big deal?
What would you do?
WAM

[lrprn]

Here is my question.
We plan to file in March. the delay is because of charges in October & the fact I was paperless and have no statements from before that and want to have a least a few months worth.
I have three companies I pay to with a total of 5 accounts. Three are BOA since mabna merged with them. One Is Discover, the other Chase. I owe Discover & Chase each a few thousand so my minimums are about $200 & $100 a month. On the other hand my minimums for BOA/Mbna are $480, $100, and $200. Will I have to deal with the whole preferential payment deal? I figure when Chase & Discover see how much BOA has been getting they will go nuts right?
I can barely make payments as it is....I had some $$ set aside we have been paying with and its running out. I was hoping to file our taxes right in Feb, get them back, pay a lawyer with the tax return & file immediatly.
Should I maybe not pay that big hefty $480 bill though for a month or so as not to cause the trustee a big deal?
What would you do?
WAM

If you are *certain* you are going to file in March and if your cc payments are current, you should be safe to stop paying ALL your non-secured creditors right now and use that money instead to pay your lawyer, get health insurance, or pay for other legitimate living expenses under $600 total within 90 days before you file.

The cc companies will start calling you almost immediately asking for payment, but you can ignore those calls - if you have caller ID, don't even answer the calls - and don't tell them you are going to file bankruptcy. Some cc's will move you over to collections after a few months of non-payment. Collections will start harassing you frequently on the phone for a few more months - again, no worries about anything they say as long as you don't receive something in writing for an actual court filing. If you feel you must answer the calls, then say as little during the calls as possible and make no promises of payment so they have nothing to use against you down the road.

99% of debtors have at least 6 months of non-payment before creditors and collection agencies start getting serious about trying to collect by going to court. Just be ready to file at a minute's notice if necessary and all will be fine.

Of course, you should discuss this strategy with your lawyer and get his/her approval before proceeding - they know all the details of your specific case. Good luck - keep us posted about what you decide to do. We're here to help!

[Spartan]

Here is my question.
We plan to file in March. the delay is because of charges in October & the fact I was paperless and have no statements from before that and want to have a least a few months worth.
I have three companies I pay to with a total of 5 accounts. Three are BOA since mabna merged with them. One Is Discover, the other Chase. I owe Discover & Chase each a few thousand so my minimums are about $200 & $100 a month. On the other hand my minimums for BOA/Mbna are $480, $100, and $200. Will I have to deal with the whole preferential payment deal? I figure when Chase & Discover see how much BOA has been getting they will go nuts right?
I can barely make payments as it is....I had some $$ set aside we have been paying with and its running out. I was hoping to file our taxes right in Feb, get them back, pay a lawyer with the tax return & file immediatly.
Should I maybe not pay that big hefty $480 bill though for a month or so as not to cause the trustee a big deal?
What would you do?
WAM

All I can say is WOW! It is almost like looking at my own cc statements!! LOL

FWIW, I concur with Irprn. Good luck to you. If you are going to file, then Don't pay them. It wouldn't do one bit of good. Don't deplete your resources completely. I did, and it didn't do me one bit of good.

[SinkingFast]

Don't keep throwing good money down a hole. Find and pay your attny. Do your pre BK Credit Counseling and get your Cert. Buy things you need for yourself. Go to the doctor and/or dentist. Get clothes. Car or home repairs needed? Take care of necessities.

We got "Reminder Notes" on our CC statements for a couple months after we quit paying telling us we hadn't paid. Then the phone calls started. If that holds true for you, you could get to February before the phone starts ringing. Then you'll be filing in March. Not too long to dodge the phone.

Use an answering machine or Caller ID. Answer when it's family and friends. Don't answer when it's Collectors. Don't talk to the Creditors except to tell them you're gonna file, your attny's name, and contact info, WHEN you get ready.

Save all letters you get in the mail. Our attny listed every address we had for every Creditor, including the Collections Agencies. But if you're current now, you probably won't even get to the Collections stage before you file.

[CATCHMEIFYOUCAN]

WhatAMess

Paying creditors up to bankruptcy...

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Here is my question.
We plan to file in March. the delay is because of charges in October & the fact I was paperless and have no statements from before that and want to have a least a few months worth.

My latest charges on my cc's were May, (A HUGE cash advance from one creditor in April and a mini one from May) but I went ahead and filed in July (BUT, I had been paying at least the minimum or given them something all the way up to June) What a waste (I guess), it just made me feel somewhat "secure," that I was giving it my best shot, knowing I was getting ready to file Bk and didn't want to look like I was being "fraudulent w/the cash advances, because thats all I ever used my cc's for the past 2 years - gambling at that!). Since filing Bk from Ch13 to Ch7 I've had no issues from the Trustee or the Creditors. Call it Luck ???

I have three companies I pay to with a total of 5 accounts. Three are BOA since mabna merged with them. One Is Discover, the other Chase. I owe Discover & Chase each a few thousand so my minimums are about $200 & $100 a month. On the other hand my minimums for BOA/Mbna are $480, $100, and $200. Will I have to deal with the whole preferential payment deal? I figure when Chase & Discover see how much BOA has been getting they will go nuts right?

I had about 11 cc's I had owed on (well actually 2 were consolidation loans).
I didn't have any "preferential payment," disputes, much to my surprise since I had paid out about $15,000 6 months prior to filing!???

I can barely make payments as it is....I had some $$ set aside we have been paying with and its running out. I was hoping to file our taxes right in Feb, get them back, pay a lawyer with the tax return & file immediatly.
Should I maybe not pay that big hefty $480 bill though for a month or so as not to cause the trustee a big deal?

Yeah, get that Tax refund before the Trustee can take it! Make sure you save receipts on what you do with it! Screw the $480 bill ! ! !

What would you do?

THATS WHAT I DID AND THATS WHAT I WOULD DO

GOOD LUCK, CATCHMEIFYOUCAN

[whatamess]

Thanks all

thanks to you all..
I think I will maybe pay my cards until my mid december statements as to avoid to many calls during the holiday season while relatives are here. it would be impossible for them not to answer the phone, as they are nosey PITAs..(Pain in the ***'s!) They know about the Bk mostly, but it would just be a pain when relatives are calling and in & out. Plus, half of our family is in Korea & when they call the caller Id comes up unavailable. I would hate to miss the holiday calls from them as they wont leave a message. (Cant speak English and feel shy..hehe!)
My getting my return and paying the lawyer, plus getting my & DH's teeth cleaned, my daughters orthodontist consults & my big dog to the vet for his annuals will eat up my tax return. I will put off a new sofa until next fall. I will put a throw on it. (Dogs & kids have killed it)
I feel more 'comfy' now getting a few tidbits of advice from all of you who have either been there or are there right now.
thanks again..
WAM

[CindyLou]

DON'T PAY YOUR CC BILLS!! If they call then just hang up. Remove all your phones from the house and only have a cordless. Keep it with you at all times. Cancel your call waiting that way if someone else if on the phone they won't get a call. Seriously, if you are going to file BK you may as well flush the money down the toilet rather than paying an unsecured creditor!!!! (or you can send it to me..hehehe ...just a little humor)

[CATCHMEIFYOUCAN]

Better Yet

do what i did, (if you have your accounts on line), i was in a debt mgmt program for about a month, than i got scared and backed out and filed for bk, but while i was in the program i changed contact number to the DMP's (debt mgmt programs) (as instructed to do so), than eventually when i filed for bk i went and changed my contact number to my lawyers number, i never got a single call (go figure), but i did get an email asking me to call because they had something urgent to tell me about (yeah, right - tell me what i already knew)

good luck, catchmeifyoucan