Should I pay the Min?

[wayovermyhead]

Hi everyone..

Newbie here... I am filing chap 7. My lawyer advised me to wait 90 days and DO NOT use another credit card during this time.

Ok I can do that

However I was wondering if I should continue to make the min payments on my little CC, there is approx 6 of them with small min due $10, 15, 20....

Should I pay those min for the next 90 days so they dont start calling me or sending letters from collection??

Thank you !

[Minnymouth]

Listen to you attorney, don't pay ANYBODY except your mortgage (if your keeping home) auto (if your keeping) and utilities/insurance..

Don't pay another dime on credit cards or bills that you are going to discharge in bankruptcy.

Use that money to buy groceries, make any repairs you need to to auto, home. Buy clothes for the kids, etc.....

Use those funds to help pay for your attorney........

Don't pay on the credit cards and don't use them either............

So they call you.............no big deal.............

[wayovermyhead]

Good point! thanks

Listen to you attorney, don't pay ANYBODY except your mortgage (if your keeping home) auto (if your keeping) and utilities/insurance..

Don't pay another dime on credit cards or bills that you are going to discharge in bankruptcy.

Use that money to buy groceries, make any repairs you need to to auto, home. Buy clothes for the kids, etc.....

Use those funds to help pay for your attorney........

Don't pay on the credit cards and don't use them either............

So they call you.............no big deal.............

[Logan]

I continued to pay the min balance on my credit cards because I was never late in my life and wanted to keep it that way to reflect positively on my credit report. All my accounts say included in BK, never late and I have been able to get credit without a problem.

If your credit is already in bad shape I definitely wouldn't pay anyone.

Good Luck,


Logan

[CindyLou]

I didn't pay mine for 3 years and have had no trouble getting my score up and building credit. the key was to making sure all the accounts said, "included in BK.."I don't think it makes sense to pay...

[butterflywings]

I know someone who filed and had paid right up til the filing and it still showed all of their accounts with a 30 day late notation.

Also, I thought that once the accounts were IIB that they showed paid in full never late UNLESS they were charged off prior to filing. Somone on another forum told me this and that all of his lates were wiped off of the credit report and said paid in full IIB. He did not dispute anything either, that is how the accounts were updated once the BK was filed.

[jp2861]

If you can afford to make the payments why are you filing bankruptcy? This always seems like an abuse of the system when I hear folks say this. Is there more to your story? I know the BK rules don't always make sense, but if you have enough coming in to cover what's going out why would a BK even be allowed?

[325Falcon]

I continued to pay the min balance on my credit cards because I was never late in my life and wanted to keep it that way to reflect positively on my credit report. All my accounts say included in BK, never late and I have been able to get credit without a problem.

If your credit is already in bad shape I definitely wouldn't pay anyone.

Good Luck,


Logan

If you could still pay your bills why would you need to file BK?

[FreshLikeADaisy]

JP and Falcon, one thing that immediately jumps to mind is overwhelming medical bills... credit cards are not the only kind of unsecured debt dischargeable in bk, as I'm sure you're aware, and credit cards may be the least of Logan's problems. I don't know, of course, but I don't think you can safely assume why someone bk's unless they say outright, even if they can pay their minimums for now.

[Logan]

If you could still pay your bills why would you need to file BK?

Let's think about this for a second. I just charged another $800 to my credit card that I owe 12K on. The minimum payment is now $250. I charged $800 but paid $250. Can I afford to pay my credit card?

[Logan]

PS...I show no lates on my credit card. My score when filing was a 688 average. It is now 650 and I discharged in september. Do you think it would be that high if I had late of 90 days or more?