A few questions

[getnovrit]

hello, Live in California,

Im filing in 6-7 months. And have several credit cards in my name. Should I balance transfer them all to one card,
And continue to make just one payment..

I also have a car that my son drives to college. Does that have to go back or can we keep it for him?

How much are you allowed in the bank?

(and are you allowed horses and horse trailer when filing> I dont have them but my friend was asking.)

thanks for any advice. Kelly

[cupcake]

If you are planning to file in 6-7 months you should not make any transfers whatsoever as that could be construed as fraud. Have you met with a BK attorney yet? If not, you should make appointments for a free initial consultation with a few attorneys. When I met with my attorney he advised me to stop paying all of my unsecured creditors (CC companies).

Are you current with your car loan and do you want to keep it?

As for a bank account, horses and horse trailers, the amount you are allowed to have depends on your state's exemptions and whether or not the horses are strictly for pleasure versus for business.

If you can give some more information there are many people here who might be able to help.

[jessegirl]

Hi - I wouldn't transfer anything because they might count that as fraud. Why would you transfer them anyway? Are you paying on them now?

Is your car paid off? If so what is it worth. Depending on your state exemptions would matter weather or not the trustee will take it.

Bank accounts - Also about how much money you can have depends on what your state allows. You have to look up online your state/federal exemptions.

About the horse and horse trailer i have no idea - maybe someone can answer that. You are allowed a certain amount of assests to keep. Some states are more then others.

Sorry wish I could of helped you more.

[Cali]

Don't transfer anything.

You shouldn't have more than 120$ in the bank when you file.

Do you own the car? If not, are you current on the payment?

Federal supplemental exemptions can be used in conjunction with your California exemptions. And California has two different sets of state exemptions. They are pretty generous too.

[getnovrit]

re;

Thanks for the advise.
Yes I have been paying on all credit cards. and yes Im current on car and cards. I have a large 80k piece of equipment going back to the finance company in about 6 months and that is what will bring my credit to a halt. Sad too, my score is 750.

[Cali]

You should stop paying all cards if you know for sure you are going to file.

Do you want to keep the car? If so, you will need to keep paying on it.

I hear you about score, I was upper 700's across the board and had never in my life missed payment.

[getnovrit]

OH ? stop paying on card why? and how do they know that you have cars trailers ect? my spouse has a tool trailer and the eqiupment trailer we'd like to keep.

[soleprop]

and how do they know that you have cars trailers ect? my spouse has a tool trailer and the eqiupment trailer we'd like to keep.

you need to disclose all assets in your filing; not doing so is fraud. hopefully you can stuff the assets into the exemptions (state or federal, depending upon where you live you have an option - otherwise you have to take fed exemptions).

do your reading - buy the NOLO ch7 book, it will clear up a lot of the cobwebs.

[Cali]

If you are going to file BK and you are going to put the cards then you should stop paying them. Why pay on debt you are going to discharged. You can use that money for other things, like basic living expenses or to pay your attorney.

You have to disclose all assets when you file.

OH ? stop paying on card why? and how do they know that you have cars trailers ect? my spouse has a tool trailer and the eqiupment trailer we'd like to keep.

[getnovrit]

ok well I was still useing one for somethings. ok I will do that. And yes I understand that I need to list everything. I was just wondering how they know. through DMV or ?

[soleprop]

the trustee has ways and means available to sort out your assets. i'm sure the dmv is one of them, but they know where you live, they can talk to friends, family, you never know. play it safe, and clean.

[getnovrit]

re;

oh Im telling everything, Im not going to jail for this!!
had another question though....
We bought a car for son to drive and now we have three, should I put it in his name? I thought you could only have 2 cars.