Balance Transfers

[halloweendmb1]

What is the total amount of unsecured debt everyone has filed on? I'm at 125K

[killwind]

Hello, I'm in a similar situation.

Husband and I are $130K in credit card debt (total of 11 CCs) and we did about 7-8 balance transfers ranging from $5000-$10,000 (the last one was in May 08). We did the transfers for the lower or 0% rate and were living off the 11 CCs using them for gas, living expenses etc. Our question is, we are at the point that we are not able to afford our minimum payments any longer and we recently did a balance transfer and made huge purchases in May 08 (which we have not received the payment statements yet), do you suggest we pay just 2 of the recent CCs or cease all payments simultaneously on all 11 CCs. We have not yet missed one payment.

Let's say I stop payment on all of my credit cards effective 7/08, would it be really easy for the creditors to object (citing fraudulent intent) to the 2 recent cards since no payment have yet been made?

Also, I read on other threads in which a person mentioned to continue to send in something, even though it is significantly less than the minimum payment, to show we made attempts/efforts to be consistent with our payments before actually filing. Since I no longer can't keep up with all of the 11 CCs minimum payments (which totals up to $3000 per month), I was thinking about sending in $100 to each CC at least until the end of the year.

Very stressed about this issue right now b/c we do not want to file at least 9-12 months from now and it would be completely embarrassing if the credit card companies attempts to garnish our wages in the interim.

[banca rotta]

Try to wait it out as long as you can, like 6 mos to a year. Definately over 4 months. You didn't say the amount. Make the min. payments for as long as you can.

Certainly the best answer to your question...

[MajorMike]

delete

[MajorMike]

Why did you make large purchases if you knew you couldn't handle the payments?? This is what I don't undertstand! People wonder why they get in the position they do..and this post cries fraud to me...I'm sorry, and you guys can all jump down my throat...but if you make large purchases ( just last month mind you ) and then intend on filing. That is fraud! You need to make sure you have ALL your ducks in a row here. You make really good money and are definitely over the means and will probably be filing a Chapter 13. Creditors can now object in 13's when in old law they couldn't

Hello, I'm in a similar situation.

Husband and I are $130K in credit card debt (total of 11 CCs) and we did about 7-8 balance transfers ranging from $5000-$10,000 (the last one was in May 08). We did the transfers for the lower or 0% rate and were living off the 11 CCs using them for gas, living expenses etc. Our question is, we are at the point that we are not able to afford our minimum payments any longer and we recently did a balance transfer and made huge purchases in May 08 (which we have not received the payment statements yet), do you suggest we pay just 2 of the recent CCs or cease all payments simultaneously on all 11 CCs. We have not yet missed one payment.

Let's say I stop payment on all of my credit cards effective 7/08, would it be really easy for the creditors to object (citing fraudulent intent) to the 2 recent cards since no payment have yet been made?

Also, I read on other threads in which a person mentioned to continue to send in something, even though it is significantly less than the minimum payment, to show we made attempts/efforts to be consistent with our payments before actually filing. Since I no longer can't keep up with all of the 11 CCs minimum payments (which totals up to $3000 per month), I was thinking about sending in $100 to each CC at least until the end of the year.

Very stressed about this issue right now b/c we do not want to file at least 9-12 months from now and it would be completely embarrassing if the credit card companies attempts to garnish our wages in the interim.

[debter08]

Thanks for everyone's input!!

I have been busy so I just read all of the posts today. It is nice to know that there are alot of good people in the same boat. Some people asked how much my balance transfer was. I consolidated 2 cards totalling $1800. We are still contemplating BK. We are still trying to figure out an alternitive to it. My husband just started a side job (job #3) I have been selling stuff on ebay and I am contemplating selling my wedding ring. All of this will still only make a dent but if we can just get the minimums under control until I finish nursing school we might be okay. I know someone said we were committing fraud. We haven't made the big decision yet. Our transfers were made recently but before we have thought of this as an option. we have not made any large purchases. Just $20 or $30 dollars here and there for gas and groceries.

[AngelinaCat]

Please DO NOT sell your wedding ring. You will only get perhaps 1/20th of what its worth, and then you'll spend the rest of your days grieving for selling it Just my humble opinion.... but I am the big sentimental type. The tiny little heart-shaped-with-a-tiny-speck-of-a-diamond ring that my husband gave me for our engagement, means much more to me than any jewelry that might have come down in the family.

[Phillymanhere]

Debt08,

This is the perfect time for you to start calling attorneys for initial sit-down consultations. Find 3 or 4 attorneys and most will offer free consultations. Sit down with them and run the details of your situation and the balance transfers, amounts, dates, etc., by these folks.

This will help you get clear and accurate information as the way bankruptcy law is interpreted varies from area to area, and local lawyers know (or the best ones know) the quirks and tendencies of the courts where they work. Getting specific information from lawyers will help you get more informed.

Two, meeting with attorneys in my case, helped allay a lot of anxiety I had as the lawyers were all respectful and decent, and I came away a lot less afraid and a lot less ashamed than when I began. Actually meeting with attorneys was a turning point for me psychologically.

You'll probably get different reactions from various attorneys. One may tell you, wait X months; another may say wait Y months. You want to ask yourself who seemed sharp, who did you connect with, whose office seems like he was a missed payday away from closing, who did you trust, whose reasoning seemed most persuasive (not necessarily the same as the one who is most reassuring).

I had one attorney who thought I needed to make payments on an October 07 cash advance of $8K up through October 08. Another attorney who was more experienced and seemed much more informed said the 5 or 6 payments I made were enough. I listened to the second attorney and stopped paying cc's immediately. But I trusted him, and he seemed really sharp and he is a trustee.

In my case, I didn't feel comfortable stopping payments until I got a lawyer I trusted to say I could do it safely. But that's me. Good luck.

[liz417]

Hi,
I know exactly how you feel. I was used to "juggling" cards for years, never late. I used/transfered balances often and I was "proud" of my great credit...it enabled me to receive more credit, higher limits and great % rates, etc! I was never late on anything, but as my balances rose, I received my 1st "interest adjustment" to 16% because I had large balance, within months, my other credit cards started raising their interest rates for no reason! After speaking with an attorney, he advised to stop use the credit cards that day, wait at least 3 months (I'm hoping for 6!) from the date of the last transfer and keep our fingers crossed that no one objects to the repayment plan.
I hoping to file in August.
Hang in there.