Minimum montly payment too high

[Mary123]

Capital One has raised my miminum monthly payment and I can't afford it.
I plan on filing for bankruptcy in about 6 months.

The reason I can't file now is because I did a few large balance tranfers
2 months ago to get a lower interest rate.

Question: can I stop paying the credits cards that I
haven't done a transfer balance on in a while?

Example: I did a transfer of $12,000.00 on a Bank of America card 2 months ago.
But I haven't done any transfers on the Capital One account in over a year.

[banca rotta]

Yes you should be fine with the ones you haven't used in a long time. The larger one I would pay as much as you can for as long as you can.

Good question, smart move! Good luck!!

[Mary123]

Thanks.
What would happen if I just gave them $100 instead of the $250 they want?

[LuciluS]

Thanks.
What would happen if I just gave them $100 instead of the $250 they want?

We had a $3,500 balance transfer in Aug. 08. We met with our BK Attorney in Sept. 08. He advised us to pay the monthly minimum payment & try to add an addt'l amount between $25 - $50 for 3 months. We stopped paying on all other credit cards.

It was tough to do as we were financially strapped without paying any other credit cards, somehow we managed. Circumstances have prevented us from filing until Sept. 09.

If you have an Attorney, suggest calling him/her as to paying less than the minimum owed to BOA.

Luci

[lrprn]

What would happen if I just gave them $100 instead of the $250 they want?

Frankly, credit card and other unsecured lenders want the whole payment, period. Anything less and they have grounds to charge late fees and/or hike your APR. By far the majority will do one or the other or both, even if they agree to take a partial payment over the phone.

There are no brownie points for partial payments....just more money lost by you.

If you intend to file within the next six months, ask during your free initial consults with 3-4 experienced bk lawyers in your area about how long you can go without payments before creditors file with the court, win their case, and start getting garnishment judgments against you. Before the economy went downhill, you used to have at least 6-8 months or longer before an unsecured creditor or collector even thought about going to court. Now some unsecured creditors (Chase, for example) are moving faster trying to get any money they can out of you as quickly as possible before you file.