$350K Debt on Cards. Need tips.

[ronniej]

Danaf,

I have every CC statement and every bank statement.

It has been 10 months. I should wait longer?

Also you can see in the bank statements that I have 7-8K a month in bills and I have been paying them with the cash advances that have been sitting in my bank account.

I don't know it is a big mess I just want out of it. Its like a nightmare.

I know if I get a fresh start with no worries and start over I will do ok for my self but I dug such a deep hole even with a $60k salary a year(for example i'm unemployed now) it will take 5-9 years to catch up.

[danaf]

Are you looking for someone here to give you the big A OK? BK is personal. Only you can make the decision. See a few more lawyers for free consultations. Do your research. Find out what your state exemptions are. Educate yourself. Read the board. Ask questions.

Only then can you make the decision for yourself. Honestly, if it were me -yes, I'd wait. Others might not. 125k is a huge amount of money in such a short period. The trustee is one part of the aspect. The cc companies could object on insolvancy if they wanted which, it sounds like you were insolvant. Many of us were when we used our cards too so your not alone there. I was sweating objections as well but for 20k, not 125k. Generally, the longer you wait, the less chance for objections from creditors.

You seem to want to do this NOW but time might be in your favor.

good luck.

[JRScott]

The house I live in is in my sisters name and it has never been in my name.

I pay everything little bill for it though.

So basically if you lost money gambling and just spent cash a lot of places and there is no way of proving it your out of luck and you don't get a fresh start?

Is this correct?

No lots of folks file for gambling I think. In fact I think there is a place to list gambling debt. You may want to enroll in a Gamblers Anonymous program so that you can show the court you are trying to fix the problem.

Its good the house has never been in your name. I was concerned about title searches and lookbacks by the Trustee. If it hasn't ever been transferred from your name to another then you should be okay with that. I would have your sister write up a small 'rental' agreement for the property, establishing what you pay etc. That way you have something to show the Trustee for expenses if asked, have it notorized as well.

I'd schedule a few appointments with lawyers, here we don't get a full picture of your situations, a lawyer equipped with the proper information can tell you which bankruptcy options are best for you. I'd see 3-4 in your area.

[banca rotta]

The house I live in is in my sisters name and it has never been in my name.

I pay everything little bill for it though.

So basically if you lost money gambling and just spent cash a lot of places and there is no way of proving it your out of luck and you don't get a fresh start?

Is this correct?

Can't answer that. It depends on how much you spent, when it was spent and what was your financial condition when you spent it. Some posters here were audited by the us trustee due to a large amount of business debt and needed to provide additional paperwork. While no one can tell you for certain there is a good chance they may request this from your with that amount of business debt.

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter7.html

The grounds for denying an individual debtor a discharge in a chapter 7 case are narrow and are construed against the moving party. Among other reasons, the court may deny the debtor a discharge if it finds that the debtor: failed to keep or produce adequate books or financial records; failed to explain satisfactorily any loss of assets

[Overmylimit]

I have even more debt than that, I spent 75k from a business line in the last 6 months alone just to keep my business up and running. I think if you can show the business was in hard times you should be ok. Anyone who cares about their business will try anything to keep it running, even if that means taking out funds from credit lines. I would think the courts see a lot of this.

[ronniej]

Basically I lived off my credit and my income. I lived above my means with my credit and business credit.

[ronniej]

I forgot to mention the 125K added up at about 20K a month and the last 20K was about 10 months ago. If that helps at all.

[TEW]

I forgot to mention the 125K added up at about 20K a month and the last 20K was about 10 months ago. If that helps at all.

if this is what your looking for I will say it you need to file.
debt is debt the trustee is not going to ask you where you spent cash. you have waited long enough. be done with it.