Is there a reason

[munchkn813]

So many people on here are saying they are waiting until this summer to file?
Is there something I am missing?
We were going to file next month as soon as we had enough $ for the lawyer from not paying our credit cards and getting more current on morgtage, car, utilities, etc. Upon reading more about the possibility of losing our tax return if we file now (expecting around 4K back) I am trying to get my husband to get on board with waiting (the not paying credit cards - we have bout 30 with a total of about 40K on them - is making him a nervous wreck and he's stressed about all of this and is up for losing the refund just to get this done and over with) to file until after we receive and spend our refund.

Do we need to wait so many months after receiving our tax refund before we file? Is that why people are waiting until June or so to file for bk?
Thanks for any info...I am so clueless about all of this and trying to get everything in order and figured out.
We have all of the info and paperwork from our lawyer...just need to get enough money to pay him (should be no problem to do within the next month - we stopped paying our credit cards around 12-12) and start filling everything out an taking the classes.

[coolmom04]

We are waiting for 4 reasons.
1) We need my husband's bonus from this past July to fall off the 6 month look back.
2) We need to wait until I can file along with my husband as I filed ch7 in 2002.
3) We need to wait until I have two children in preschool.
4) We need to wait due to some recent cash advances & charges.

If it weren't for those four things, I'd file tomorrow!

ETA: Your husband sounds just like mine. He absolutely FREAKED when I told him I stopped paying the cards, so when I found out we'd be waiting another 7 months to file, I just knew his head would spin.. but he calmed down after we met with the attorney and is okay about it all now. Loads of stress off his shoulders! I hope your husband calms down soon, too.

[StartingOver08]

Timing your BK filing is important. Some of the reasons that people wait include having recent charges on cc's, tax refunds and extra income.

For example, some people have recently charged on their credit cards or taken cash advances, and in that instance it is better to wait a min of 90 days before filing to avoid the presumption of abuse. 70 days for cash advances. Others are waiting because they are getting tax refunds and need to spend down the refund amount before filing in order to get it within allowed exemptions. Still others are waiting to have either bonuses drop off or for extra income to drop off so their income is below median for their state.

[DeadManCrawling]

Timing BK is everything, if it in yur control.

We waited three YEARS. I knew that our income was dwindling, and I could have slowed it or reversed it. But the thought of 100% payback Ch 13 was not to my liking. So, we let the natural pattern continue and got below the median for just long enough to meet the 6 month lookback.

Others may debate the morality of this. I would only ask them to consider the banks and lenders morals and behaviour on a level field.

We did what was right for US. You, and others, woud be wise to do the same. Morality only works when everyone abides by the same standards.

If you can time events to your benefit you are obliged to do so, for yourself and your family,


best,

-dmc

[frogger]

Time bk to your benefit. That is perfectly within the law and makes the best business sense.

[munchkn813]

hmmm, I guess for us to really time it good would be to wait until June as well being that I will be out of work for the summer (on teacher's schedule and out for the summer) but I know my husband will not have anything to do with waiting that long or I may be single putting him through this for that long, haha. I only work part time though and make about $1,000/month and the lawyer knew that and my husbands salary and said we would be find for a ch7 so I don't think I will let that make us wait those additional months since I will only be out of work for 3 months (our paperwork had a spot to fill out an upcoming pay decrease but I think it asked for a % - not sure how to figure that since it's just temporary.
We have made charges to the creditcards within the last month but theya re all maxed out, so it was just like $15 here, $30 here for gas and groceries that the lawyer said wouldn't be a problem.
Oh so much to think about/figure out!

The actual return itself doesn't cause a reason to wait in filing other than spending it down though? Is there a place to see what my state allows as an acceptable amount to be able to have left in the savings (it currently only has $3.00, so not a problem) and checking account at the time of filing?

[StartingOver08]

Check your exemptions here, for your state: www.legalconsumer.com