withdrawls and household income questions

[tcreegan]

Hi again ab33arch,

The advantage for waiting is to get cc charges more than 90 days away from filing date, get the last big bucks paycheck more than 6 months away from filng date, get transfers to family a year away from file date, and folks stop payments on debt to divert the $$ to pay their BK lawyer and start rebuilding their post-BK life.

Disadvantages are the incessant calls from debt collections, cc companies suing, car lenders repossessing. Mostly it is the harrassment from collection depts, it takes awhile (months or more) for legal actions to start. Lots of folks stop payments on debt and file BK when the first creditor sues.

Hope this helps,

Tom in Colo

ps: don't worry about that 2yr engagement....my brother and sister-in-law had a 5yr engagement, been married 25yrs and still going strong!

[drowning123]

Since they're just withdrawals, the trustee doesn't have to know what they were for. I withdrew money in the 6 months prior to filing - $500, $600. I took my parents gambling. No kidding. The withdrawals were from regular banks - not the casinos. Your fiance is not filing for bankruptcy, so they can't know if he's paying for his own car or not. This is only if you have no paper trail.

[ab33arch]

Since they're just withdrawals, the trustee doesn't have to know what they were for. I withdrew money in the 6 months prior to filing - $500, $600. I took my parents gambling. No kidding. The withdrawals were from regular banks - not the casinos. Your fiance is not filing for bankruptcy, so they can't know if he's paying for his own car or not. This is only if you have no paper trail.

what are the chances the trustee will ask what they were for?? i have no problem telling the truth, just wondering if its going to hurt my case or not....i have no paper trail...fiance actually pays his mom for the car and the money goes towards her new car, (his car is her old one)....she has a paper where she keeps track of the payments but other than that, thats it......

Tom in Colo....good to know, thanks! i'm thinking i guess i should wait to file then....if i file in December, that means 6-month period is June-November, right?.....which i feel won't pull up any red flags persay unless they look back further to the months of may and april....and the last time i used one of my cc was in august which will be out of the 90 day timeframe....i haven't paid my mortgage since april and some of my cc haven't been paid since june...i suppose this doesnt matter much?? i feel like being strategic like this is wrong but i suppose its not uncommon?? i did get a letter from on cc saying they would file a lawsuit if i didn't pay by a certain date but i called my lawyer and he told me to give them his contact info.... if i wait, are the cc going to pursue the lawsuit??? i think i'm going to have to talk to my lawyer again, definitely...

also, i usually get a one-time xmas bonus, but if i file before, like Dec 1, will it affect anything?
i also read about tax refunds....how does that come into play since my bk will be in progress when i'm gonna file my return??

sorry for all the questions....this forum has been such a great help!!!

Thanks again!
-Abbie

p.s. not worried bout a long engagement...just wanna get my finances straight beforehand :-)

and i actually do have withdrawls at a casino back in april and may....i was in two weddings and both bacherlorette parties were in AC...

[drowning123]

[I]what are the chances the trustee will ask what they were for?? i have no problem telling the truth, just wondering if its going to hurt my case or not....i have no paper trail...fiance actually pays his mom for the car and the money goes towards her new car, (his car is her old one)....she has a paper where she keeps track of the payments but other than that, thats it......

Like I said, you don't need to spill all your info if it's not necessary. You're worrying about something that you don't need to worry about if you go about it correctly. It will only hurt your case if you let it hurt your case.

[dumpinmydebt]

You should exempt your upcoming bonus and your upcoming tax refund.

BTW, I was engaged for 3 1/2 years. LOL! Not a big deal. I would rather have a long engagement than a short one.

If you are WAY below the median and don't have a DMI, then I'm not sure how much the Trustee will really question charges. Of course, it could happen.

We make half of the median income. We pay most of our groceries with cash, so we'll depost like $2300 in cash, and withdraw like $1500. Not all at once, just periodically. I really don't like checks or debit cards. But, I have saved all of my receipts for the past 8 months. If the Trustee want to get picky, they will have a giant folder of receipts to look for.

[backtoschool]

Since they're just withdrawals, the trustee doesn't have to know what they were for. I withdrew money in the 6 months prior to filing - $500, $600. I took my parents gambling. No kidding. The withdrawals were from regular banks - not the casinos. Your fiance is not filing for bankruptcy, so they can't know if he's paying for his own car or not. This is only if you have no paper trail.

what are the chances the trustee will ask what they were for?? i have no problem telling the truth, just wondering if its going to hurt my case or not....i have no paper trail...fiance actually pays his mom for the car and the money goes towards her new car, (his car is her old one)....she has a paper where she keeps track of the payments but other than that, thats it......

Tom in Colo....good to know, thanks! i'm thinking i guess i should wait to file then....if i file in December, that means 6-month period is June-November, right?.....which i feel won't pull up any red flags persay unless they look back further to the months of may and april....and the last time i used one of my cc was in august which will be out of the 90 day timeframe....i haven't paid my mortgage since april and some of my cc haven't been paid since june...i suppose this doesnt matter much?? i feel like being strategic like this is wrong but i suppose its not uncommon?? i did get a letter from on cc saying they would file a lawsuit if i didn't pay by a certain date but i called my lawyer and he told me to give them his contact info.... if i wait, are the cc going to pursue the lawsuit??? i think i'm going to have to talk to my lawyer again, definitely...

also, i usually get a one-time xmas bonus, but if i file before, like Dec 1, will it affect anything?
i also read about tax refunds....how does that come into play since my bk will be in progress when i'm gonna file my return??

sorry for all the questions....this forum has been such a great help!!!

Thanks again!
-Abbie

p.s. not worried bout a long engagement...just wanna get my finances straight beforehand :-)

and i actually do have withdrawls at a casino back in april and may....i was in two weddings and both bacherlorette parties were in AC...

If the trustee sees large withdrawals, and is digging for gold, he/she might ask what the withdrawals are for. My trustee did, but my case was not the norm for my district. If you have receipts, and you used the money for legitimate expenses, there should be no problems even if the trustee does ask what the withdrawals are for.