How Long to Wait to File?

[Falcon]

I stopped paying my CCs in September of 2009 and havent filed yet. I have decided that I will file Ch 7 as the means test gave me a result of -$741 per month in disposable income for my location.

Should I wait 4 months? 6 months? A year? Thanks in advance, and sorry if I missed this info previously.

Nick

[nerves]

If you had any charges, cash advances, transfers on your cc is a factor to consider. If you had any of these you may want to wait 90 days before filing. If any of them were large amounts - you will probably want to wait longer. If you have had any payments to family members - they may go back two years for the funds from them. Another item to consider is if you plan on recieving a tax refund. Depending on the state, you may not be able to exempt this. These are a few items to consider when deciding when to file. Good luck!

[LALADY]

Free consults with attorneys will help you choose the right time.

[Bell30656]

Yes, consult with an attorney. Now this is just my non-law school trained opinion, I wouldn't worry about filing until you are sued on a debt and then not even until it was getting down to the wire. The damage to your credit report has already been done. The older these debts become the less they matter. Each state has a different statute of limitations. Some states like Maryland with a two year SOL? Why does anyone file... Those debts become noncollectable so quickly that anyone could drag that SOL.

[frogger]

A minimum of 90 days since your last cc account activity. Could be longer depending on what your transactions were for.

Consult an attorney for your specific situation.