Is there anything wrong with moving credit card debt from my wife's cards to mine? We may not need to BK her. We are not late, have not missed a payment etc. Just hoping to keep her out of this if possible. I have not filed yet.
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What are you thinking - a balance transfer from her card to your card?
That probably will raise a red flag with the Trustee since you are the one that is going to file BK. You might have to put lots of time between the BT and the filing - I mean over a year. I'm not sure that it would not raise a flag anyway.Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way.. -
Yes it would be a balance transfer. We look for the best rates on a regular basis amongst the cards we currently use and move the debt around to our best advantage. So around every 6 months we move the debt typically. The majority of the debt is a loan that we made to our corporation as operating capitol. Unfortunately the company will fold soon...still owing us around 15K. The only reason the debt is on the wife's cards at this time is because they offered the most favorable APR.
Anyway, I'm hoping to keep the wife out of this but maybe its not possible. She has some stock, about 10K worth, that was hers before we were married. It appears she would keep this if she didn't BK since it would not be considered community property (right?).Comment
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If you file shortly after the transfer the bank can come after you and fight to have the transfer removed from your BK. This has happened to us and we are in the process of fighting the bank and its getting costly and I wish I never made the transfer. You will have to wait quite some time and also keep making payments after the transfer for some time for the banks to not come after you.Comment
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Any idea of the time frame that would be necessary?Comment
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You're really pushing it here.
The instant bk is a viable option is the instant you need to stop using those cards for anything. You're running the risk of turning something that should be routine into a nightmare.
Depending on the amount, I'd suggest making minimum payments for a year at least and then waiting as long as possible after you default to file.Comment
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