What should we do?

[schel]

We have to file BK. Thats no question there. It's when do we file? and with whom? Does the type of attourney matter that we go with? Do we want a "heavy hitter" or just "any name" in the phone book? Do we wait for after taxes? Or get it over with now?
We bought a couch $900 Nov 28th and thats it for big spends. We basically have been living on credit cards up until now and can't even pay the minimum on them. We are moving money from one to the other just to make the minimum payment on them. I know probably not supposed to be doing even that, but I don't know what to do. Last month I paid only $50 on our visa and got a nasty letter stating that the bill was $100 and now our total minimum is $148 and to pay it in full. So, I did. I have never had enough money to make bills until now in my life and feel guilty not to pay our credit card bills.
So should we talk to a lawyer before we stop paying or just quit paying and then talk to a lawyer?

I know lots of questions,
thanks for help.
Schel

[schel]

Bump.

Still hoping for info.

Schel

[ssdsco]

We have to file BK. Thats no question there. It's when do we file? and with whom? Does the type of attourney matter that we go with? Do we want a "heavy hitter" or just "any name" in the phone book? Do we wait for after taxes? Or get it over with now?
We bought a couch $900 Nov 28th and thats it for big spends. We basically have been living on credit cards up until now and can't even pay the minimum on them. We are moving money from one to the other just to make the minimum payment on them. I know probably not supposed to be doing even that, but I don't know what to do. Last month I paid only $50 on our visa and got a nasty letter stating that the bill was $100 and now our total minimum is $148 and to pay it in full. So, I did. I have never had enough money to make bills until now in my life and feel guilty not to pay our credit card bills.
So should we talk to a lawyer before we stop paying or just quit paying and then talk to a lawyer?

I know lots of questions,
thanks for help.
Schel

[Minnymouth]

Be sure you consult with at least 2-3 bankruptcy attorneys.... find out what options are open too you.

If you plan on filing within the next 3-5 months, stop paying on all credit cards. Only pay on what you are keeping, home, auto, utilities, etc.

If you are not keeping home, or your upsidedown on an auto and need to turn it back in, then don't pay on those either.

Your attorneys can answer a lot of questions for you. Make you a list to take with you of questions you have....

Keep us posted.

[FreshLikeADaisy]

Schel, I'm concerned about what you wrote, in that you didn't really clarify whether you will have enough money to live AFTER bk, when you won't have credit available for a while but all your unsecured debt (like credit cards) will be gone. Is that going to be okay for you? I got kind of worried when you wrote that you are basically living off credit cards -- while you're certainly not the first person here who has had to do that you need to have a strategy for living after bk that doesn't include credit, at least for a while.

You may already be aware of all this, if so toss it, but look carefully at what $$$ you have to meet your expenses after you file, because as of the day you file, your credit cards have a very short lifespan: usually when unsecured creditors get wind of your bk, they close the acct immediately even if you owe nothing on it, so expect that. If there's any doubt, consider delaying bk until you know you have enough to live day to day without credit. Good luck!!!

[schel]

Schel, I'm concerned about what you wrote, in that you didn't really clarify whether you will have enough money to live AFTER bk, when you won't have credit available for a while but all your unsecured debt (like credit cards) will be gone. Is that going to be okay for you? I got kind of worried when you wrote that you are basically living off credit cards -- while you're certainly not the first person here who has had to do that you need to have a strategy for living after bk that doesn't include credit, at least for a while.

You may already be aware of all this, if so toss it, but look carefully at what $$$ you have to meet your expenses after you file, because as of the day you file, your credit cards have a very short lifespan: usually when unsecured creditors get wind of your bk, they close the acct immediately even if you owe nothing on it, so expect that. If there's any doubt, consider delaying bk until you know you have enough to live day to day without credit. Good luck!!!

Yes we will have enough to live day to day without credit its just that the credit bills are in excess of about $700-800 minimum a month and trying to pay for that and the necessities is making it darn hard. So I pay minimum on my credit card which is $168 and now I need groceries so I turn around and pay $150 on groceries and put it right back on the credit card. Thats whats killing us financially is the excess debt.
Thanks.
Schel