Thinking of filing; how bad are collections/lates?

[bkbkbk]

I have never been reported to a collection agency before. However, I am considering filing ch 7 within the next few months and have stopped paying most of my debts. One of these is threatening to report me to a collection agency in a couple of weeks.

Unfortunately, I took a cash advance on one credit card around 10/1/07, and have used another card a bit lately... so I'm not sure how soon I can file. I feel like I want to file ASAP to avoid getting so many lates on my credit report, being reported to collection agencies, etc. But I also know it's better to wait before filing.

Should I be worried about collections or lates? Or is it more important to just wait? I haven't talked to a lawyer yet.

[magyar123]

The "ideal" time to file is 3-4 months after you last used your credit cards, for purchases or cash advances.
Don't worry too much about the original creditor sending your account to a collection agency. They won't hassle you for a while after they get the account. "Lates" will show up on your credit reports and lower your credit scores.

[bkbkbk]

Does it matter w/ the regular purchases being recent, though, if they were just lots of small purchases? A lot of it was gas and groceries... but it adds up. I don't care if the most recent charges aren't discharged and I have to pay it back after bk. I just want to be able to file bk successfully and be clear of judgments, lawsuits, owing any large amounts of money still, etc. It'll be one more month for the cash advance to be 3 months old, so it's not too long to wait for that.

I also want to clean things up and get past bankruptcy, or at least file, since I am underemployed right now. I have a crap job right now but want to try to get a professional job. Not sure how it fits together w/ all the financial problems. It just feels too difficult to get a good job w/o getting my financial problems out of the way first.

[bkbkbk]

Oh, I have a question: if I have one card that I have used recently before filing... and if the creditor for that card objected, would it be the entire balance that doesn't get discharged or could it be just the balance due to the most recent transactions within a certain timeframe?

[newimges]

I believe only charges for luxury items and cash advances 90 days before filing are not dischargeable. This would not include groceries.

If a creditor objects to recent purchases you will have to go to a hearing and the judge will decide.