New. Need Help. Questions.

[JollyGG]

I am TRYING to get as much info as possible from you guys so as I was reading came across this:

http://www.bkforum.com/showthread.php?t=16800

Am I supposed to stop using my cc's if that is my means of living? I don't use them for luxury items lately...It's more like at Target for necessities like deodorant, paste, house cleaning supplies....From time to time I will buy a shirt or what not but can someone shed some light?

Am I supposed to stop using the cards? How long before I go meet with my first attorney?
Am I supposed to stop PAYING the cards? How long before I go meet with my first attorney?

Also, please please if you can help, please help me answer the questions in my previous posts above ^ THANK YOU!

Once you are possitive you are going to declare bankruptcy stop using your credit cards. Once you are possitive you will be declaring bankruptcy stop paying your credit cards (unless you have a major, luxary purchase in the last 90 days or a large cash advance)

[HHM]

If you are using your credit cards as a means of living...then you SHOULD NOT file BK until you can get your expenses and income under control such that you do not need to use your CC's to pay living expenses. Everything else comes second to solving that problem, if you cannot survive on what ever source of income you have without resorting to CC's, a BK at this stage would be pointless.

[desperate&broke]

Once you are possitive you are going to declare bankruptcy stop using your credit cards. Once you are possitive you will be declaring bankruptcy stop paying your credit cards (unless you have a major, luxary purchase in the last 90 days or a large cash advance)

Does this mean if I stop paying for my cc's now I have to wait 90 days? (none of my purchases have been major).

[desperate&broke]

If you are using your credit cards as a means of living...then you SHOULD NOT file BK until you can get your expenses and income under control such that you do not need to use your CC's to pay living expenses. Everything else comes second to solving that problem, if you cannot survive on what ever source of income you have without resorting to CC's, a BK at this stage would be pointless.

Ok, now it's starting to make sense. I only live on my credit cards because my income (more than 1/2 of it) goes to paying them. If I stop paying them I definitely can live off of my income alone.

Next question, if I have a fairly new cc w/ a zero balance (aside from the tucked away emergency credit card also with a zero balance) will this affect my filing? What do I need to know about this?

One more (maybe redundant but I want to do this right)...I stop paying my card say today. When should I meet with my first attorney for a consultation?

[BassBoy]

Ok, now it's starting to make sense. I only live on my credit cards because my income (more than 1/2 of it) goes to paying them. If I stop paying them I definitely can live off of my income alone.

That's good

Next question, if I have a fairly new cc w/ a zero balance (aside from the tucked away emergency credit card also with a zero balance) will this affect my filing? What do I need to know about this?

Most times, the creditor will close your account once they receive your BK filing. Even though you don't owe a balance, I believe that creditor must still be listed on your BK petition.

[keepmine]

Start scheduling appointmenrs for consultations ASAP. Get 2 or 3-most give free initial consultations.
Most creditors run quarterly account reviews. Odds are good once your bk appears on your credit report tat the card issuer will cancel the card-even with a zero balance.

[desperate&broke]

You guys are sooo patient and give great advice...But will someone mind going back a page to see my other questions regarding filing alone or with DH?

[desperate&broke]

Actually, I will bring them up here....

Glad you brought this up. I was going to ask, when I should stop paying for the cards?
When do I stop actually using them? (they are my means to live right now - I am sure that will change as soon as I stop paying them since that is where almost all of my money goes to).

Also, I fessed up to DH. He said he understood. He also confessed to me that because of my money problems (remember I used some of his money to pay my bills) I have made him go a tad high on his cards He asked if I thought it'd be a good idea for both of us to file. Personally, I have no clue....I am afraid we may need his credit in the future say if we are every financially stable enough where we may want to buy a starter home or whatever? Any one has any advice on this?

TWO more questions for now *bag over head*; When I decide to file, whether it will be me alone or both of us, I have one credit card with a zero balance that I have kept tucked away for an extreme emergency (hospital, children's needs that can not be met IF something happened, etc.) Again, I have 0 on that credit card. I have had that card for a while now and if I ever used it I paid it in full the next month (EMERGENCY CARD). I would like to keep it for that same reason (emergency). If I file, does that automatically get taken away?

One more....My laptop. I am still paying on it. What will happen to it?

Thanks sooooo much you guys! I am so grateful I found this site!! You guys are awesome!

Thanks.

Help.

[desperate&broke]

more (I AM SORRY)

*bump*?

Aside from bumping....If DH files w/me *BIG IF* and he has a 401K as well as some money saved, what happens?

more

[HHM]

401K's are exempt assets, so nothing happens to them in BK

As for whether you should file together or separately, that is a question best answered by a local attorney.

[desperate&broke]

And the last few to get the clarification my lil' brain needs (HA):

I stop paying the cc's today (I am already behind on a few anyway - LOL) I can go ahead and look for a lawyer soon?

How about those annoying calls and threats by mail I will be receiving? Do I just ignore them? I mean if it's from now til I find me a good lawyer, what do I do if I haven't filed yet. Is there anything I should utterly be afraid of?

[desperate&broke]

410K's are exempt assets, so nothing happens to them in BK

As for whether you should file together or separately, that is a question best answered by a local attorney.

Sometimes my way of asking doesn't come exactly as it should....

DH has some money in a CD (I am not sure exactly in what he has it saved but using a CD as an example). It's saved in a bank somewhere (proof his finances are his and mine are mine).
When I fessed up to him last night about ME possibly filing he said he would want to as well but that's because of me he has gotten in some financial difficulties as well....(if you read my first post you'd understand how my finances are mine and his are his). Anyway, I think he shouldn't file. I think one of us should not file for the means of having credit say for a house when we are financially stable. I am thinking if I file, I may help him pay his finances ($14K or so).

[lrprn]

Even though you don't owe a balance, I believe that creditor must still be listed on your BK petition.

Actually if the balance on a credit card is truly zero, the card does not have to be listed on the creditor's list.

However, the chances of the card surviving once the information is shared among all credit card companies (they have a shared database) is small. The card will most likely be cancelled anyway.

[lrprn]

D&B, stop and take a deep breath! We understand that you're very stressed (we've all been there too), but you're asking questions so quickly and before we can answer the ones you've already posted, you are making it more likely that you AREN'T going to get the answers you want.

DH has some money in a CD (I am not sure exactly in what he has it saved but using a CD as an example). It's saved in a bank somewhere (proof his finances are his and mine are mine).

Whatever your husband owns is his as long as you did not sign papers that make you a partial owner. If you file bk alone, his CD and other assets that are his alone can't be touched.

As far as whether you should file alone or with your husband, it's best to meet with 3-4 bankruptcy lawyers to see whether filing alone or together is going to work best for your family in the long run.

Get going! Make those appointments as soon as possible, especially if you're going to stop paying your credit cards.

[Boscoe]

The majority of credit cards will get cancelled, especially if the creditor learns of the bk. You may get lucky, and the creditor will not do any soft pulls of your credit during the bk time. And alot of store cards do not check at all so they may survive.