Sorry: Another Credit Card Question

[Catie34]

[Amy26]

There is a post about Chase and this very issue in the bankruptcy news & discussion forum. You should check that one out.

Sorry, here is the direct link:

http://www.bkforum.com/showthread.php?t=41127

[Catie34]

Oh Thank you Amy I will go find it now!

[music12]

3 months of on-time payments for the cash advance/transfers is plenty. especially given that its their own actions that are pushing you into bk, if they dare complain, i think they'll have to pay sanctions, so they won't say a thing.

[LuciluS]

Bank of America started our downfall early last Sept. when they raised their min. pymts. from 25 to 4% & jacked up their rates. We met with a BK Attorney and retained him late last Sept.

I had a $3,500 bal. transfer from one card to another in August. He told me to make 3 mthly. min. payments & add $25-$50 to each payment. I made the 3 min. pymts, plus $25.00 extra a month and stopped. The other credit cards I stopped paying late Sept. or in Nov.

We had a Motorhome we quit making the payments on also; however, we maintained the insurance coverage of $125 a mth. I called the Lender several times and they finally came and got the motorhome late Nov. & auctioned it in Dec. We have received a letter with date of auction and a letter stating the deficieny of $14,500 and some change. We will include this in our BK. We didn't realize how much we relied on our CCs until we stopped using them. The first two months I was afraid we were going to be eating beans for a month; but, we survived.

We thought we would be filing in Dec. or Jan.; however, we wanted to be under our State's Median and to accomplish such we had to wait until some mthly monies dropped off. Due to the market tanking, I received my last mthly check this April. So we will be filing using hubby's gross income from Mar-Aug. of 2009. I receive social security disability each month, but it is not included in the Means Test. Our filing date will be 9/30/09.

If you made those transfers & the check into your account last August and have been paying the monthly minimum amount since then, your Attorney may suggest you have 12 months of payments after the Statement that detailed specifically the $5,000 check. Anyway to justify where that money went to? The Bal. Trsfrs. from one credit card to another is traceable & I believe your Attorney will say that is not a problem.

Take the statement(s) which shows all 3 transactions to your Attorney's appointment. Are you planning on having any Free Consultations with possible other BK Attorneys'?

We live in a very small town and the closest town had only 2 Bankruptcy Attorneys. We had free consults and picked the one I felt more at ease with. He gave us a packet last Sept.

There is a lot of paperwork involved. You are to list every Asset (item) like your living room & bedroom furniture, TVs', Vcrs', computers and give them a garage sell value.

We are in our 50's, so we have a lot of Stuff and it was so disheartening to me when I realized the antique furniture handed down to me was nor worth what I thought it would be.

You've come to the best forum. Read as many posts and also there is a Search button you can use. I read & searched for a month and then began asking questions.

Good Luck!

Luci

[Amy26]

Hmmm we didn't have to list our assets like that. Just lumped them together into "household items" ... I think he broke it out simply by funiture, house hold items and personal possessions... And I just gave ball park what I thought someone might buy it for. He did list my wedding rings separate.

[Catie34]

Thanks Music & Lucilu & Amy, I'm going to learn so much from you guys.

[music12]

and not too far in the future, we will learn a lot from you too

[Catie34]

Oh just wanted to add, all this credit card debt is in my name so I hope to file just in my name. How does household items work then? 1/2 the cost? We really don't have anything of value, most everything is hand me downs from family!

[Catie34]

There just so much to think about!

Last month we sold our house and was please with the offer since we would break even after closing costs & realtor fee's. But then it appraisal for $40,000 less.
The bank said they could do a short sale, I thought O-Kay GREAT!
THANK-YOU!
Now I'm finding out this can be a bad thing?
Like it's not my fault the housing market is in the toilet?
Now my credit card is pulling a fast one> like saying here's a free pass to go file BK!
I have no other opinion?

My mortgage payment was never late or either was my credit cards!

I did everything right????????
Hmmmmmmmmmm

[bkmaggster]

Catie,

Not only did you do everything right, it sounds like you are doing the right thing considering bk. I was in a similar situation to you over a year ago and I just kept hoping DH or I would get a better job or it would get better somehow, just kept burying my head in the sand, and now it's foreclosure and repo and threats of lawsuits that finally made us file.

If BK is the right thing for you to do, you are being very smart by educating yourself and preparing to file now, instead of going through the stress of trying to continue paying and losing everything before you decide to file.

This is a business decision for you and your family (if applicable). You should be proud that you aren't in denial and are investigating your options.

[LuciluS]

There just so much to think about!

Last month we sold our house and was please with the offer since we would break even after closing costs & realtor fee's. But then it appraisal for $40,000 less.
The bank said they could do a short sale, I thought O-Kay GREAT!
THANK-YOU!
Now I'm finding out this can be a bad thing?
Like it's not my fault the housing market is in the toilet?
Now my credit card is pulling a fast one> like saying here's a free pass to go file BK!
I have no other opinion?

My mortgage payment was never late or either was my credit cards!

I did everything right????????
Hmmmmmmmmmm

Yes you did. Just like we voluntarily surrendered our Motorhome late Nov. & it was auctioned off in Dec. leaving us with a deficiency of $14,500 & some change. We took a Secured Asset and turned it into an unsecured Asset which possibly could hurt us if our unsecured is too high. We though we were being Nice - Wrong!

With the economy is such a disarray, even though, published reports say we are striving ahead; we are Not. We haven't seen it all - Yet! I pray we don't have a Great Depression as they did in the 20's, but you never know.

Our federal government doesn't need to be bailing out companies, banks etc. as that is OUR money. And it's hurting the lower and middle class families.

Our downfall has been one Major Medical Crisis after another. We will be listing over $20,000 in medical bills we haven't paid yet. When you file BK you must list everyone you owe. We plan on paying some of those medical bills after our BK is closed. But that may take awhile as Bankruptcies will hit an all time high soon.

One other thing, then I'm off to bed, Do Not borrow any money from Relatives or let them help pay any bills. It's called Insider preference and you will have to wait a year.

It's a shame when we get in a situation having to file BK if our relatives help, we, along with possibly the relative(s) will be Punished as they BK Court looks as that money as money you could pay Creditors & possibly some might go to Creditors. What A Mess Our Country Is In and What A Mess We (hose Of Us who patronize this forum) Are In!

Luci

[Catie34]

bkmaggster, sorry you have had so much to deal with!

At this point it's like I have no problem screwing the people who's doing this to me! ;)

I had always thought BK was mostly people who lost their jobs or had to many medical bills or a gambler!
Not people who worked and paid their bills????
What did I missed?

CEO at Chase must be on crack!

[bkmaggster]

Awww, Catie, that is nice of you to say, but don't feel sorry for me, I have learned some very valuable life lessons through this process. When all is said and done I think I will end up being a much happier person, as I won't be a slave to the credit card companies' whims ever again!

Have a wonderful holiday weekend!

[Catie34]

Luci, taking notes for my lawyer: with a short sale we will have a deficiency on our house and we will have to claim that?

My husband is military so even if it we don't close we are out of here by Aug 18th.