Transferred money explanations

[ssdsco]

The 07 transaction is clear, the 08 "may" be problematic. If as you say, you had the money and were paying your creditors etc, you should be ok. However, far more information is needed. Feb 08 is not that long ago, what changed between then and now such that you had no problem giving your mother $50K and now you are on the verge of BK.

Wouldn't the 07 transaction have to be disclosed in the Statement of Financial Affairs ? 2 year look back.

[banca rotta]

February - your last transfer was 8 months ago. Hope and pray that you run into a trustee who wants to see only 6 months worth of bank statements.

Doesn't matter what the trustee asks for whether it be 6 months or 2 years. When the OP files, this transfer will have to be on the petition/sofa unless he waits to file March 2010.

As HHM asked what changed from Feb 08 to now?

[texanboy76]

Doesn't matter what the trustee asks for whether it be 6 months or 2 years. When the OP files, this transfer will have to be on the petition/sofa unless he waits to file March 2010.

As HHM asked what changed from Feb 08 to now?

Question for you. If I have a lifetime annuity and I traded in like 5 years worth of payments and got like $150K disbursement. I then maxed out my cards again due to "other" problems. Will this be a major problem for me in filing for BK?

[TEW]

Question for you. If I have a lifetime annuity and I traded in like 5 years worth of payments and got like $150K disbursement. I then maxed out my cards again due to "other" problems. Will this be a major problem for me in filing for BK?

I guess I would have to answer that with a question. Why would you touch it? if you file BK the debt will be wiped out. and you can live on your annuity.

[texanboy76]

I guess I would have to answer that with a question. Why would you touch it? if you file BK the debt will be wiped out. and you can live on your annuity.

I did trade 5 years of payments in Dec 2007. I have a lifetime annuity and payments will go back to me in Dec 2012. I had to use the money and bring down my cc debt so I could refinance my home to a fixed 30 year mortgage instead of a 3-1 ARM that was getting ready to explode. I then got in some trouble with some "sports debt" and majority of my cards got maxed out again after my refinance. YES i know it was really stupid and I HAVE LEARNED A MAJOR LESSON IN LIFE!! The 150K transaction will show on bank statements so I'm really worried. My other question is will the court look at my annuity (it's non-taxable) and is not reported on my tax returns.

I'm really lost and nervous I won't get the Chapter 7 approval....


The breakdown is this:

Gross Monthly Salary: $7100.00 (mine only)

Net of $4500.00 (my salary)
Mileage for car Net of $1200.00
Wifes Net Salary $2500.00

Total $8200.00

My net is after Health insurance,401 K and credit union loan, dependent care account

Mortgage is $2800.00 (my name only)
Daycare is $1240.00
Car Note (2) is $1500.00 (my wife and I $750 joint and $750 on my own)
Property Tax $1300.00 (we dont escrow) paid at end of year

credit card bill payments of $2000.00 + for myself
wifes credit cards of about $800.00

When i did the means test it failed saying I had disposable income left????? How is that possible when I'm filing single and all of those payments I'm responsible for.