Balence Transfers = Potential Objections?

[deepin]

Under Median - filing for Chapter 7 next week ... waited 90+ days from last charges/ 5 months or more since our last balence transfers.

However, I now find myself overwhelmed with worry about these balence transfers. We were robbing Peter to play Paul - trying to hold on for a year end bonus - that never came.

From what I have read here - the creditors could possibly object to our discharge - and worst case force us to settle. Is that accurate?

Are we also likely to be questioned by the Trustee on how we were able to keep payments current?

Our attorney did not seem to be concerned and thought the possibility of objections was quite small. Just trying to prepare myself for the worst ...

[catleg]

I wouldn't worry about it, you'll be fine.

Everybody does that to a greater or lesser degree.

If they objected to all the cases where this happened it would tie the court up in knots and they wouldn't get anymore money anyway. Plus it would cost them a lot of money.

[LuciluS]

You should be okay.

Our Attorney told us on the balance transfer from one CC to another CC to pay for 3 months and try to pay more than the minimum and stop paying.

Last payment on that card was Dec. 08 and we are not filing until 9/09 to let some income drop off.

If the charges were small or necessities, I don't believe any CC Company will object. There are too, too many people in financial trouble right now and the CCs' know that.

I wouldn't lose any sleep over it. Just filing bankrupty is stressful in itself.

Luci

[queenfluff]

I did a lot of balance transfers too. Honestly it was the only way I could make it.

My lawyer wasn't too worried about them. He as long they the total amount was under $1,000 in the 3 months prior to filing - I was in the clear. Just make sure your lawyer is aware of them.

I think they view them similar to charges on your card. Funny thought because they are viewed as payments on my other cards.

[albacore44]

There's a sticky on it here

http://www.bkforum.com/showthread.php?t=20075

[Brighterdays]

I have starte a few threads asking the same question, Nobody I have found(outside the 90 days) have ever had an objection. one guy even got a way with 6k 24 days before filing. I did hear of one guy getting an objection but he was within the 30 days of filing and it was 11k. So I wouldn't sweat it at all. My lawyer basically told me as long as its outside the 90 days your good to go. and the lender not the trustee is the one that objects. If it waSN'T big (each transfer) then usually, ok 99% of the time its no problem

[ready2puke]

Well my attorney is worried for me and said I need to wait as long as possible, period. But mine are alot 27k and 12k and 17k. I did make 3 payments and then stopped. I never thought I could possible handle all this and wait 6 months let alone a year..but guess what ? I am...2 more months to go and then it'll be a year.
How much are your BT's ??

[deepin]

multiple transfers over the past year or so - the largest $3,000 (6 months ago)

continued to make payments on all accounts up until 90 days ago

[ready2puke]

Deepin, your a-o-k...not to worry its not a huge amount like mine are...

[Brighterdays]

Its all about if its worth($$) it to the CC company's attornies to go after it. numerous aggregated amounts to one card might do it, but spread out to different lenders it probably wouldn't be worth it. General consensus is under 5k usually doesn't get loked at. I believe the attorneys for the cc co. work off of a % of the disputed charge. I concur with readytopuke, you should be fine.

Now with that said, each Bk district is different so YMMV, I would ask the attorney point blank how many has he seen, and if yours might be a problem. That was my first questions to my attorney. How many cases a month do you do, how long have you been doing it, and what is the tract record for CC objections. she personally has never seen one personally, and she does about 10 to 15 a month. The trustee part is no sweat for me, its all about the CC objections.