Quesations about CC and inheritance

[Chucksoutalu]

Ok, I havent filed yet, just goin through the paperwork.
My wife (we are seperated) name is on one of my CC bills as I got her a card about 6 months ago. Is she liable for payin the credit card. (she is not filing BK).
Mother passed away last year owed 40gs on her house, house went to all seven siblings. One brother is buyin the house for 40gs and payin roughly 10gs a piece to the other 6 siblings to buy them out.

My Options.

1. Spend the money before I file
2. Take it and payoff the one CC with me and my wifes name.
3. Put it away and take the chance of it beening taken from me in BK.

Any ideas?

[justbroke]

What is 40gs... $40,000? If it is, then I never knew that "thousand" could be abbreviated as "gs". (Although gs (pronounced: gee'z) are what gangsters call "thousands"... LOL)

If you're about to file Bankruptcy, here are some suggestions...

1. Spend the money before I file

Spend it on things like food, clothing, shelter, medical needs (dental work and other necessary surgeries), and maybe even to pay for your lawyer!

2. Take it and payoff the one CC with me and my wifes name.

Absolutely not! Do not even think of paying off an unsecured creditor.

3. Put it away and take the chance of it beening taken from me in BK.

Unless you can exempt the money, it will be taken from you.

In general, you really need to talk to an attorney and to see what you should be doing for pre-bankruptcy planning. There are ways to legitimately spend-down that kind of money on the aforementioned "necessities".

[frogger]

JB is right on track. If you're referring to 10,000.00, that is easily spent on living expenses. Perhaps you don't need surgery or medical, but between vehicle service, groceries, supplies for daily living, and normal everyday items, I could spend 10K on necessary items in just a few hours in Wally-World.

You're going to be buying them anyway over the next year or two, so why not now?

[Chucksoutalu]

Thanks!! As for the gs? It is Grand as 10 or 40 grand!!