Considering Ch. 7 - couple of questions

[Florida30]

What about time time between you file and are discharged, I understand that is like 60days?

Say I stop paying after filing date, and 2 months pass, do the credit card companies report it late?

[StartingOver08]

Your credit report will have all kinds of errors during the bankruptcy. Once you are discharged the creditors have to fix the CR to reflect your zero balance and iib status. No history is reported on the discharged debt after the filing date. If they do report lates during your automatic stay, you need to correct the report.

Most of the time you have to correct the report after you are discharged anyway - the creditors are not known for promptly reporting correctly.

[catleg]

You shouldn't pay the cards imminently before your filing, it's a waste of money.
If you feel wrong about this then donate the money to charity. They certainly need the money and plenty of people are suffering because of the horrible inhuman policies of these companies.
As said here, you will have to dispute this junk on your credit report so they all show IIB and zero balance, this should also fix any lates.

[Florida30]

Hi all,

I just talked to one attorney today and she was very helpful. There is something she said and I didn't quite understand. She said, that she would file to protect the money in my savings and checking accounts as wages...something about up to $500 per week (this is south florida for reference).

Does anyone have experience to share? Insight on this?

Thanks,

[fltoo]

You stop paying cc's NOW. Use the money on living expenses, stocking up on food, etc. Do not purchase any luxury items.

[Florida30]

fltoo, thanks, someone already mentioned to stop paying the credit cards.

but my question is about wages....there is money in my checking account, about $1,000 and the attorney said should could shield them by claiming them as wages along with a limit of $500 per week.

[Bankruptcy20]

I'm new to this, but of the various posts, Catleg's above strikes me as particularly insightful. Student loans are generally not dischargeable, so consider the stock sale to pay down such loans. Factor in preferential treatment issues, factor in the time to your filing, etc. But something to mull over with your attorney.

On paying the minimums, I don't see anyone citing any lessening of creditor objections (whenever they actually appear), nor any effect to your credit score (which gets decimated due to the 10 year blinking red light BK). But, I'd be curious for any real-life examples of otherwise. Most people on these forums generally cite the sound of a toilet flushing when the topic of paying minimums ahead of an imminent BK filing. Now, I would say that if you had a fighting chance to avoid BK, that does seem a different scenario...

Good luck.

[StartingOver08]

Hi all,

I just talked to one attorney today and she was very helpful. There is something she said and I didn't quite understand. She said, that she would file to protect the money in my savings and checking accounts as wages...something about up to $500 per week (this is south florida for reference).

Does anyone have experience to share? Insight on this?

Thanks,

I am not familiar with this at all....
My attorney said specifically I was not allowed to have $$$ in the account, spend it down to a low as possible. Ended up with $100.

Maybe HHM or Fltoo can jump in with details on this one.