advances, transfers, and big purchases

[bleak]

currently with 35-40k of credit card debt, no assets, and now unemployed. really with no hope of climbing out of this hole i've dug myself.

seriously considering chapter 7 to start all over.

most of the debt is just random stuff purchased through out the years.

although some are balance transfers and cash advances made 4 month ago (what i've been living off of). also had bought a luxury item 5 month ago (a gift for a friend's wedding). i understand i have to wait at least 6 month, and longer i wait, the better. is the gift (a watch) going to be an issue??

i am still making minimum payments and are still current on everything. can i stop paying them? if i should keep making payments, how long do i continue making them??

thanks in advance

[keepmine]

If bk is the endgame, I'd suggest you stop paying all debt you wish to discharge immediately.
For sure, wait until you have a job before you file. You have to support yourself post bk and you want a basic safety net in place.
I doubt the cash advances or the gift are going to be a problem since, you've been current for 4 or 5 months since the transactions.

[tcreegan]

luxury item

Hello bleak,

On luxury items they are looking for big ticket items....multiple hundreds. Unless your watch gift was a Rolex, you have no worry.

I agree w/ keepmine, plan on how you can make it post-petition before you file. Sad to see someone file then get right back in debt for living expenses.

Good luck to you,

Tom in Colo

[2bdebtfree]

Hi bleak.

I took out a balance transfer/cash advance at the end of July. I only wanted $2000 to pay a few things but the Citi guy was very savvy and I ended up taking a $9000 balance transfer to my checking account. I saw an attorney yesterday and he told me that I just needed to wait 90 days then we could file. He said there shouldn't be a problem with this. I have only done that once and not bought any luxury items in the past year. As thy way I was talked into that much money by the Citi sales person. I'm going to wait probably a couple more months on my end to file just to be sure as long as I can wait it out emotionally. My attorney also stated no stop paying on the cc. I have only made 1 payment on it. I may just pay 1 more.

[Flamingo]

currently with 35-40k of credit card debt, no assets, and now unemployed. really with no hope of climbing out of this hole i've dug myself.

seriously considering chapter 7 to start all over.

most of the debt is just random stuff purchased through out the years.

although some are balance transfers and cash advances made 4 month ago (what i've been living off of). also had bought a luxury item 5 month ago (a gift for a friend's wedding). i understand i have to wait at least 6 month, and longer i wait, the better. is the gift (a watch) going to be an issue??

i am still making minimum payments and are still current on everything. can i stop paying them? if i should keep making payments, how long do i continue making them??

thanks in advance

Filing bankruptcy does not solve cash flow issues nor unemployment problems. It will eliminate your debt but you are back where you were with no job, no income. What you are doing now is digging yourself into deeper debt by living off your credit cards. Reality bites hard. You are broke (and don't want your friends to know it) and do not need to buy luxury gifts for anyone at this time knowing you will not be able to pay the amount charged...that is considered fraud. Stop paying the cards and see a BK attorney who can tell you exactly where you stand at the moment and what you can do. Most give free initial consultations and the advice will help you decide what to do and where you stand in the state in which you reside. Best of luck to you!