does this idea work?

[stockbooi]

Please let me know if anything should be different or what I should look out for. thanks for your help

1. Plan to file chapter 7 decemberish 2011.
2. buy new car now so we have reliable transportation. We will still make payments on our cars and be able to keep them because we owe more then they are worth.
3. put 4-5k on credit cards now for household items/baby items/clothes/etc. then stop putting anything on c/c 12months before we file. and make min. payments.
4. wife takes off work in may for a year so we can concentrate on having better family life/ and qualify for chapter 7.
5 foreclose we have a 2nd, at same time and find house to rent that fits our family better. we have a small condo so we have hoa. not really sure when to stop making payments. I think it is best to stop making payments around may and find another place big enough for our family then. This is one of the bigger issues we are having.
6. When do we obtain a lawyer? May? when we stop making payments? but we wont qualify for chapter 7 then or do we obtain one closer to when we would qualify.
7. We put 50 dollars a month in our childs college mutual fund. could they take that? have app. 1500 in it.
8. The minute we file could my wife start working again and could we start saving? Or should we wait a little while to do this?
9. we do have about 21k in student loans. Should I keep that debt until we file or should I just start putting all of our extra money into it.

We are in WA state.

thanks! this is scaring stuff when you start thinking about all the possiblities but really think its whats best for our family. just want to do it the best way possible so we can get back on our feet and start saving money with out any debt. This housing market really screwed us but think this is the only way to move on.

[newbie2]

Please let me know if anything should be different or what I should look out for. thanks for your help

1. Plan to file chapter 7 decemberish 2011.
2. buy new car now so we have reliable transportation. We will still make payments on our cars and be able to keep them because we owe more then they are worth.
3. put 4-5k on credit cards now for household items/baby items/clothes/etc. then stop putting anything on c/c 12months before we file. and make min. payments.
4. wife takes off work in may for a year so we can concentrate on having better family life/ and qualify for chapter 7.
5 foreclose we have a 2nd, at same time and find house to rent that fits our family better. we have a small condo so we have hoa. not really sure when to stop making payments. I think it is best to stop making payments around may and find another place big enough for our family then. This is one of the bigger issues we are having.
6. When do we obtain a lawyer? May? when we stop making payments? but we wont qualify for chapter 7 then or do we obtain one closer to when we would qualify.
7. We put 50 dollars a month in our childs college mutual fund. could they take that? have app. 1500 in it.
8. The minute we file could my wife start working again and could we start saving? Or should we wait a little while to do this?
9. we do have about 21k in student loans. Should I keep that debt until we file or should I just start putting all of our extra money into it.

We are in WA state.

thanks! this is scaring stuff when you start thinking about all the possiblities but really think its whats best for our family. just want to do it the best way possible so we can get back on our feet and start saving money with out any debt. This housing market really screwed us but think this is the only way to move on.

When you know you are going to file for bankruptcy it is considered fraudulent to use the cards. Even though you are preplanning a year+ away, it is still wrong. In fact, this scenario is one of the reasons that that BK laws were tightened up.

My advice? Use the next year+ to learn to live on a cash basis.

[keepmine]

I'm a big advocate of preplanning and have no problem with your idea of acquiring reliable transportation before you file.
I do agree with the previous poster. Don't keep using those cards if bk is the endgame.
If your childs college fund is a 529B then it should be safe.
Also, keep in mind that while HOA fees accured prior to filng are discharged-fees that accured post bk are your responsibility. It could take a year or more before your lender gets around to foreclosing and you'll still be on the hook for those fees.
It's not going to hurt anything to get a consultation with a bk lawyer now and ask a few questions.

[backtoschool]

Buying a car now is fine.

Putting 4-5k on credit cards so soon to filing could subject you to an AP for fraud by the creditors. The legal definition of insolvency is 90 days before you file, but if you have talked to a lawyer, asked questions on a bk board, etc, then your creditors will have a strong case that you knew you were insolvent when you used the cards.

Any money put into a 529b account up to a year before filing is not exempt. Any money put in there longer than a year ago is exempt.

[backtoschool]