Question about making a purchase after your 341 meeting.

[kibby97]

My 341 I attended was Feb 11, when I went on pacer to check status, it shows this, which i was told was a good thing, that it just meant it was completed. Also I found that I am a no asset case and from what I have read from other people who had this same type listed when they checked their status that was a good sign.

341 Meeting Terminated
2/13/09

Filed & Entered: 02/13/2009
Docket Text Trustee No Asset Report


Objection to Discharge Due 4/13/2009


Basically my lawyer said I should expect my discharge a few days after 4/13. My question was it okay if I am making a purchase for $500-$700 to purchase a new computer, I don't have enough for the entire computer so my parents are going to pay the rest for me. Is it okay if I use my debit card to make this purchase since im 17 days away from my discharge? Basically the only reason I am wanting to make this purchase now is that my parents received a special offer on their Visa Credit Card for Apple Computers where if they use it before the end of the month, no interest for 365 days, which is a GOOD thing since I want to pay them back.

[fltoo]

The purchase is no problem.

Please don't take this as anything but concern, but, are you really willing to start mortgaging your paycheck?........ again!

Why not wait until you have the full amount and purchase the computer?

[laurannm]

I tend to agree with fltoo. Instead of purchasing the computer (unless it is a necessity for your job), why not take that money and start an emergency fund?

[kibby97]

I tend to agree with fltoo. Instead of purchasing the computer (unless it is a necessity for your job), why not take that money and start an emergency fund?

I totally agree with you all but my laptop is at the point where its beyond repair and need it for work and also taking advantage of a offer on a card that my parents have, 365 days same as cash on a computer that after doing lots of research on will last for 5-10 years unlike my current PC that basically stopped working after 2-3 years. I guess the way I look at it, in some ignorant way is that its an investment, just like a car. You want something dependable that will not give you much trouble and expenses in the long run. Thats why last year when I traded in my flashy SUV that I never should have bought for a Toyota Camry Hybrid(which Is the only debt I chose to reaffirm) , I spent the extra money for the 7 year extended warranty because I learned from previous mistakes about trading in vehicles too soon that I want something now that I am going to keep at least 7-10 years and not have to worry about a unexpected car expense and not having to take money out of what I am now starting to save back up and hopefully build on that savings.

Does that make any sense, or am I not thinking about this long term theory of mine the right way? I totally respect your opinions here since you have gone through this and probably each have had different ways of starting your life after bankruptcy but Im just new to this

[OhioFiler]

12 months same as cash is enticing to the consumer and VERY profitable for the lender. I'd avoid using credit, especially someone else's credit to buy a new computer.

[LuciluS]

Objection to Discharge Due 4/13/2009


Basically my lawyer said I should expect my discharge a few days after 4/13. My question was it okay if I am making a purchase for $500-$700 to purchase a new computer, I don't have enough for the entire computer so my parents are going to pay the rest for me. Is it okay if I use my debit card to make this purchase since im 17 days away from my discharge? Basically the only reason I am wanting to make this purchase now is that my parents received a special offer on their Visa Credit Card for Apple Computers where if they use it before the end of the month, no interest for 365 days, which is a GOOD thing since I want to pay them back.

Kibby:

You state you want to use your Debit Card to make a purchase for partial purchase of a computer. How much? The rest will be put on your parents credit card right? Let's just say you are going to finance $400 for 12 months, no interest. That amount correlates to $33.33 a month for 12 months. Let's just round it up to $35.00 a month.

So, you need to ask yourself? Will my budget allow me to pay $35.00 (or whatever the amount might be) a month? Worst case scenario: What happens if I lose my job... get hurt in the next 12 months.. unable to work or have a catastrophic illness (in my case, skin cancer). You cannot predict the next 12 months.

So Something happens and your income drops, you lose your job or an Expense (Medical or whatever) doubles, quadruples, etc. Now, you need to ask yourself - Will I be able to pay off this within 12 months? If the answer is Yes and you MUST have it for work, then I would purchase it. BUT, if the answer is No, I can't pay it back within 12 months, Don't Do It.

If you do not pay the full amount of the purchase within the 365 days, keep in mind, the Interest will be charged at the Full Amount of the Purchase and accrues on Day of Purchase.

Just some of my thoughts on your specific situation.

Luci