Using CC

[NeedNewStart]

Hi Everyone,

So I may or may not have to file BK. It depends on if my house gets sold by short-sale this year. I'm hoping that it does and that I can get the lenders to agree to release me for any future deficiency judgements.

I'm currently hoping for the best (short-sale and no BK) but preparing for the worst (will need to file BK due to a possible 100K+ deficiency judgment.)


I currently have no CC debt. I need to make a big deposit (wedding) soon. I have the cash for it but I don't want to use the cash as a deposit because if I do need to file BK early next year (wedding will not be until June) then I'll loose the deposit.

My question is should I use my CC for the deposit. If I end up BK will this be an issue? Hopefully I won't have to BK but I need to put down the deposit and I don't know if it's safer to do it with CC or cash? I don't want the trustee going after the wedding deposit if I do need to BK.

If I do need to BK it won't be until Feb 2010.

[LuciluS]

Don't know..some much is based on specific District.

Our Attorney told us late last Sept. to pay a specific CC minimum payments plus at least $25.00 a month more for 3 months as I did a balance transfer of $3,500 1st week in August to get a better interest rate. That's when we thought we would be filing either 12/08 or 1/09.

I don't understand. Are you putting down a deposit on a wedding for June 2010? Are you saying if you file Bankruptcy then the wedding is off so you will lose your deposit?

Luci

[keepmine]

Use the cc but, be sure you can make the minimum payments through 2/10.

[franken55406]

Why bother with a short sale? Just walk away from the property and let the foreclosure process work its way through?

That way, you are off the hook..

Hi Everyone,

So I may or may not have to file BK. It depends on if my house gets sold by short-sale this year. I'm hoping that it does and that I can get the lenders to agree to release me for any future deficiency judgements.

I'm currently hoping for the best (short-sale and no BK) but preparing for the worst (will need to file BK due to a possible 100K+ deficiency judgment.)


I currently have no CC debt. I need to make a big deposit (wedding) soon. I have the cash for it but I don't want to use the cash as a deposit because if I do need to file BK early next year (wedding will not be until June) then I'll loose the deposit.

My question is should I use my CC for the deposit. If I end up BK will this be an issue? Hopefully I won't have to BK but I need to put down the deposit and I don't know if it's safer to do it with CC or cash? I don't want the trustee going after the wedding deposit if I do need to BK.

If I do need to BK it won't be until Feb 2010.

[NeedNewStart]

Thanks for the responses.

To clarify my question, I have some cash saved up because I have not been paying my mortgage for the last few months. I don't live in the house because I had to move out of state. I can't just let it go into foreclosure and be off the hook because in Nevada you will be sued for the difference between what you owe and what the house sells for (this will be 100k+).

I'm concerned about using the cash to pay for the deposit because I've heard that if you have deposits out there when you file BK then the trustee will pursue it. If I have to file BK I will do it in Feb of 2010. The wedding will not be until June 2010.

I'm thinking about using my CC to put down some of the deposits. I'll be putting the deposit down in 2 weeks from now.

I'm really hoping that I won't have to file BK but I want to be prepared in case I do. What I'm wondering is if I have to file BK will charging about $2k on a CC now be a problem?