Maximizing CH 7...

[enufsanuf]

I don't know of specifics, but I've read how they've been dragged out and were so happy it was finally over. Also, about the lawyers. It seems like the upfront price they quote you (I've heard around $1500) gets inflated quite a bit. Especially if there's the slightest snag along the way (what happens if they do try and claim fraud, does the lawyer just end up making more money off you?). I just got the impression that a lot of people had a rough time from the time they filed until it was finished. Correct me if I'm wrong, I'd like to hear from people with in my situation how everything went. I was kind of worried about my family (Mother) or job finding out. She would not understand. During this process, do you have to answer questions directly from the creditors or a judge? Are the creditor representatives hostile towards you. As you can see, my questions just keep on coming. This site was exactly what I was looking for and now that I've found it, I want to get all the answers I can out of it.

[SinkingFast]

This scenario sounds so quick and simple. Why are there so many horror stories about bankruptcy if it's this easy? Are the main drawbacks the creditors calling (I can turn the ringer off). Do they all completely stop once you file bankruptcy?

Yep! They do quit calling once you file BK. If they do call after you file, they are breaking the Law.

WAIT! WAIT! WAIT! not just the 90 days, but as long as you can before you file.

Like our paralegal said,........ "You're not in danger of being sued. You're not being foreclosed where you want to keep your home. You're not being evicted. There's no rush to file."

Because we waited, we sold our house instead of having a Foreclosure on our credit.

If you're anything like most of the rest of us, you have no idea how much you spend on groceries. It'll take you a month, maybe longer, to gather your docs and get a handle on what your expenses are, where your money goes.

So WAIT as long as you can before you choose to file. Make appts with attnys for Consults. Find your attny. Get your docs gathered and your petition in order and you're ready to go on a moment's notice. But don't file until you need to.

[keepmine]

The vast majority of bk's are routine.That's why we jumped on you about the cash advance thing. You were operating outside the norm.
Very few creditors show up at the 341. At mine, no cc reps showed and the only creditor represented was from a local CU and he just asked people their intentions about an auto loan. He was quite polite and the conversations lasted just a minute or two.
Just drag out the time as much a possible and do nothing to redflag yourself to any creditors.
BK is a public record and if anyone is curious they can find it with a minimal amount of digging.
Your legal fees will be for the bk represenation. If their is a fraud allegation and an adverserial hearing is necessary, you'll end up paying more. So, conduct yourself in such a way that something like that won't happen.

[FoolAndHisMoney]

The vast majority of bk's are routine.That's why we jumped on you about the cash advance thing. You were operating outside the norm.
Very few creditors show up at the 341. At mine, no cc reps showed and the only creditor represented was from a local CU and he just asked people their intentions about an auto loan. He was quite polite and the conversations lasted just a minute or two.
Just drag out the time as much a possible and do nothing to redflag yourself to any creditors.
BK is a public record and if anyone is curious they can find it with a minimal amount of digging.
Your legal fees will be for the bk represenation. If their is a fraud allegation and an adverserial hearing is necessary, you'll end up paying more. So, conduct yourself in such a way that something like that won't happen.

If a creditor disputes and loses, they will pay YOUR legal fees. Hopefully you won't have to worry about this.

[brokemommy]

My main question is this. I still have a lot of available credit on hand. If I was to take some very large cash advances ($15K) and make some big ticket items that we want/need, would there be any red flags or problems that I would face? I would then go into the bankruptcy with almost $100K of credit card debt instead of $55K.

Isn't this a big problem then what I was even contemplating???

[brokemommy]

Minny, isn't running your credit debt from $55k to $100k then filing worse than a boob job for $3,000?

I like this poster, but can't this cause some real problems?

Bassboy you see this?

[anonymuse]

It's a matter of scale. Both are being done with the intention of never paying back the cc card company, so I don't think the amount is as relevant.

Either could be a red flag for a trustee that would make them probe deeper into your case. That could mean a dismissal, or it could mean not being able to include that cc in your bk.

[BassBoy]

Minny, isn't running your credit debt from $55k to $100k then filing worse than a boob job for $3,000?

I like this poster, but can't this cause some real problems?

Bassboy you see this?

Yes, I see this one. Like I said, other members already "jumped" on this one, so there was no need to add gasoline to the fire.

[anonymuse]

I know one of the reasons I've put off filing is that I've had some medical expenses. Not earth shattering as they were not having insurance; however, in the last few months between an orthopedist, radiology group, sleep study clinic, and all of these other things, I'm well over $1000 ($500 deductible and 20% copays and some larger copays). Yes, I incurred these "on the eve of bankruptcy"; however, they are medical necessities so I don't think I should have any issues.

[BassBoy]

I do not believe medical treatment(s) on the eve before filing is going to be a problem, especially if it's for your health. LOL.....as rough as a trustee may be, I don't think they'd rather see you ill. That would just be inhumane.

[keepmine]

Hey Anoymuse,

You get that bk filed and I'll guarantee those sleep problems will be over!

[anonymuse]

I do not believe medical treatment(s) on the eve before filing is going to be a problem, especially if it's for your health. LOL.....as rough as a trustee may be, I don't think they'd rather see you ill. That would just be inhumane.

I think they'd rather see me come in walking on two legs instead of crawling on my hands and knees (back problems). Although, maybe they'd feel high and mighty if I crawled. ;)

There's one machine that I'm on a monthly rental right now, and they said after a few months the insurance will purchase is straight out since they in essence will already have "paid for it". I hope that comes through before the BK so my copay for that would be included. Anything with insurance takes approvals upon approvals to go through.

[BassBoy]

Hey Anoymuse,

You get that bk filed and I'll guarantee those sleep problems will be over!

ABSOLUTELY! I'M SLEEPING LIKE A BABY THESE DAYS!!

[anonymuse]

ABSOLUTELY! I'M SLEEPING LIKE A BABY THESE DAYS!!

I didn't know BK was a cure for sleep apnea. LOL

[Minnymouth]

Doesn't make any difference whether your trying to "slide" $3,000 past the Trustee or $50,000 past the Trustee............... it all will be considered fraudulant........

The Trustee will see all of this when he checks the petition.......... When you deliberately spend money and have no intention of repayment..... it constitutes fraud.................

Money that is spent on medical bills (medicine), clothing, home or auto repairs...... right before bankruptcy, the Trustee and The Court will usually overlook as "needed expenses" and allow them.......

Doubling your debt right before filing or taking out large cash loans (no matter what its for) right before filing still constitutes fraud.....