How to age a debt?

[Broke1]

I've made a few posts already regarding my situation, but have not recieved much information about aging the debt. I have two large charges from July 2009. One is for about $4,500 and another on a different card for $3,000. My payments are up to date and have never been late. My charges were not for luxury items or vacations, but rather for services rendered.

I think bankruptcy will help me due to having about 40k in unsecured debt and I'm unemployed. I want to know how to age the debt properly without having to worry too much about an AP. I have enough money to get me through the end of the year, but starting in January I will have to decide between making my mortgage payment or my CC payments. I'm not in a rush to file, but do I have much to worry about since the last large charges were made in July? The two referenced cards both have a minimum payment hovering around $3oo since the entire debt on each card is approximately 12k (per card).

If I just stop paying, does that help age the debt or do the CC companies look at when payments were stopped being made? Any information is appreciated.

[AngelinaCat]

Time is what ages the debt. The more time you let elapse between those large purchases and the date you file, the better off you are. Since your charges were in July 2009, you need to let at least six full months roll by. Therefore, if for discussion purposes, your charges occurred on July 31, 2009, you would NOT be able to file before February 1, 2010 at a minimum. And the more time you let pass the better.

Since you will be letting the time pass, and have been making the minimum payments, you are likely not going to have an AP rear its head. Again, the more time you let pass, the better the odds increase in your favor.

If you can make the minimum payment through the end of the year, you should probably do so. But after that, stop paying on the cards and concentrate on saving your money for the lawyer, if you choose to hire one.

Good luck to you!

[Broke1]

Thanks for clarifying that for me AngelinaCat! I plan to file alone and not include my wife since she is not on any of my CC's or mortgage. However, if I stop paying my CC's in January, and she pays on her debt will that create a problem? She has 1 CC and owes less than $1000 on it and she has a $1,600 balance on some furnature that she got on a 1 year same as cash deal that needs to be paid off by March to avoid the interest payment.

If she pays on her credit card and pays off the furnature, will that be a problem? She's the only person working now so between my savings and her wages that's how we've been paying for everything. My savings are nearly depleted but she will still have her paychecks to pay the mortgage, living expenses and her debt.

Also, will it make a difference on my credit rating if i filed in the spring or waited until summer? I would prefer to drag this out a bit to save up some money for a bk lawyer but she wants to pay off her cc or at least her furnature by March.

Finally, is there a wait period for medical bills? I need to have some medical work done, but I don't have insurance and can't afford to foot the bill myself. Will that be able to be included or do I have to have at least a 6 month timeframe for that too before I file?

Sorry for all the questions.