Spending on Credit Cards Before Filing

[frogger]

Just my rant - understand your "high horse" attitude and am sure I will come to terms with my poverty in the next few days. But right now it is hard to except. I have a fourth child on the way and can't wait to think about something other than this.

Congratulations on the fourth child. Those children are the things that are really important in life.

And if I may, let me ride my low horse for a minute. You use the word poverty. I understand your frustrations, because that's just how my wife feels too. Poverty. Poverty. Poverty.

However.... as long as you have your family and your health, you're rich! Not wealthy, just rich.

Making over 100K a year is a great position to be in. Your family has the means to do much better than many in the economy. It's just time that you must learn to live beneath your means, not above them.

It's time to get rid of the baggage associated with debt in order that you will have $400.00 to pay for preschool. That day is coming, you just have to adjust the way you look at things.

I'm sure that you didn't anticipate this anymore than the rest of us, but now that it's here, it's time to come together as a family and deal with it.

Good luck.

[LimpDisc]

I would think the preschool would understand a later payment in this economy. Have you asked them about paying it next month? Seems like getting $400 later is better then not getting it at all.

[NeedsBailout]

Congratulations on the fourth child. Those children are the things that are really important in life.

And if I may, let me ride my low horse for a minute. You use the word poverty. I understand your frustrations, because that's just how my wife feels too. Poverty. Poverty. Poverty.

However.... as long as you have your family and your health, you're rich! Not wealthy, just rich.

Making over 100K a year is a great position to be in. Your family has the means to do much better than many in the economy. It's just time that you must learn to live beneath your means, not above them.

It's time to get rid of the baggage associated with debt in order that you will have $400.00 to pay for preschool. That day is coming, you just have to adjust the way you look at things.

I'm sure that you didn't anticipate this anymore than the rest of us, but now that it's here, it's time to come together as a family and deal with it.

Good luck.

100,000 sounds great doesn't it? Except paying $1000-$2000 per month in student loans (for the next 30 years) really makes you realize that making a lot less money with no student loans would be preferred. And there would've been a lot less college and work involved in making much less money. Oh, well, all that work for nothing I guess.

I do appreciate the family. Just waiting for the government to stop giving bailouts to banks and the "poor" (who get everything from medical to housing for free anyway) and start giving some to me!

We will figure out this preschool bill in cash. Thanks everyone for the advice. Despite all my whining about it, it helped us make the decision to completely scrap the cards.

[swampwiz]

What about my situation?

I had stopped using all cards in June. Then in September, I started to use one of my accounts that had $1K available credit. By early October, I used it some, but also paid it down about $1.5K more than the original $1K available credit (so now there is $2.5K available credit), with the thinking that I would just use that card as needed.

Just a few days later I talked to my attorney about "what ifs" about 6 months down the road; during that conversation, my attorney advised me that some of my cash on hand should be in escrow, so that 6 months became 2 months, and I decided at the time that I had run out of time, and would be filing Chapter 7 as soon as I could. My current plan is to wait until 90 days after the last use of that credit card, but it seems that since I had paid down more than I used, that it should not matter, and the last effective date of me using a credit card would be back in June.

[forgotten]

My current plan is to wait until 90 days after the last use of that credit card, but it seems that since I had paid down more than I used, that it should not matter, and the last effective date of me using a credit card would be back in June.

Chances are, according to your credit card agreement they either apply payments to the oldest balance or at their discretion. Either way, they could claim you didn't make any payments toward the new charges.

I have read several adversary procedings and they have all said that on any payments that were made on the account.

[JimKutkowski]

100,000 sounds great doesn't it? Except paying $1000-$2000 per month in student loans (for the next 30 years) really makes you realize that making a lot less money with no student loans would be preferred.

Get your student loans refi'd. I have $90K from undergrad and law school, and my payment is $430 per month. $200K would be around $900. That would save you $1000 per month, your day care payment would be resolved.

Incidentally $100K is a very good salary in this economy. I know a lot of people who owe a lot more for school who make a lot less.

[OhioFiler]

100,000 sounds great doesn't it? Except paying $1000-$2000 per month in student loans (for the next 30 years) really makes you realize that making a lot less money with no student loans would be preferred. And there would've been a lot less college and work involved in making much less money. Oh, well, all that work for nothing I guess.

I do appreciate the family. Just waiting for the government to stop giving bailouts to banks and the "poor" (who get everything from medical to housing for free anyway) and start giving some to me!

We will figure out this preschool bill in cash. Thanks everyone for the advice. Despite all my whining about it, it helped us make the decision to completely scrap the cards.

The government should stop giving bailouts to banks and the poor. But transferring that "giving" to you would be no different.

Life is filled with choices. You chose to incur student loan debt. You chose your lifestyle. Now you have an opportunity to choose a different path. Doing so with a chip on your shoulder toward welfare recipients, banks and the poor serves you no good. If you attended one of the top business schools in the country you have the tools necessary to solve your situation.

Good luck to you and your family.