Preferential payments are only over $400?

[Frogge]

I'm paying payments to a few CC's that may object so putting a few payments in between the charges & filing end of month.

Just wanted to confirm that as long as they are not over $400 they're not considered 'preferential', correct?

[PoorGrammyinBK7]

If the payments add up to over $600 - paid to one creditor, leaving others similarly situated unpaid - within 90 days of filing - I think thats what is "preferential" - I am not a lawyer though, so don't take my word for it. The amount is much higher for non-consumer bk

[AngelinaCat]

Hi Ms. Frogge: PoorGrammy is very correct. The trigger point is $600.00. If you want to stay at $400.00 or lower, you should be more than fine.

[Frogge]

OK, thanks so much. I've paid everyone up to this point, and so nothing over $600 to anyone without paying others.

I'm really tempted to pay this month too... it's just very very hard for me to think of NOT paying when I always have. I got email reminders about the payments and it made me feel really wierd.

However, I went shopping this weekend on CASH and bought clothes for the kids, sheets for our bed (the old ones had holes in them!) and LOTS of non-perishable groceries. It was nice, but now I am nervous about not paying the CC payments. Sheesh.

[ready2puke]

I know what you mean. Tomorrow if I dont pay my two big Citi bank cards I'll be delinguent and my 0% will go bye bye.
I'm wondering one of the Citis is a 3 month old large bal transfer only. I wont beable to file until Feb/March. due to waiting period for objections.
My question is: if I dont pay anymore and still wait to file, is it the same result as if I pay for a few more months? I have to make a decision on what to do tomorrow.
Also I can NOT make the min. at all, but I'm still wondering if I put something down will it even matter?
Thanks guys/gals.
P.S. I did make a small $15. payment to Amer X and they wouldnt even take it...Wow!! how rude of them I guess its all or nothing.
R2P

[Frogge]

I don't think it does any good to mae partial payments... they do want 'all or nothing'.

[desperate&broke]

What happens when someone does make a preferential payment?
Say, I went over that $600 mark over the "waiting period" prior to filing. What happens then?