I got creditcards student loans could i take what ever money i have & pay student....

[monk]

I got credit cards student loans, could i take what ever money i have & pay student loans to get to $100 before filing bankruptcy? instead paying other credit cards bills

Thank you

[StartingOver08]

I don't understand your question. Can you rephrase it a little more clearly?

[BornAgain]

I don't understand your question. Can you rephrase it a little more clearly?

He's got credit card bills, student loan bills, and some cash. Which to pay to reduce his cash-on-hand to $100. (I think that's what he indended to convey -- he's a Monk after all, and spends his day in prayer, not practicing english composition. ;-) )

[StartingOver08]

I am still searching for an answer to your question. Maybe HHM can answer it right away.

It seems that you are on the right track about paying student loans rather than other types of debt since student loans are non-dischargeable. This link details the dischargeable and non-dischargeable type debt in a Chapter 7:

http://www.moranlaw.net/7discharge.htm

[monk]

I got credit card bills, student loan bills, and some cash. Which to pay to reduce his cash-on-hand to $100.

[monk]

but i have lump sum of $4000 can i take all that money at once and pay the student loan to get to the $100, and if i do will i get in trouble with the court

[BornAgain]

Here you go:

B I a . C I I ?

;-) Just kiddin' ya'

[StartingOver08]

I am still looking to see if the payment would be considered a preferencial payment. This is what can happen if it is preferencial:

Voidable transfers and preferential payments
The Bankruptcy Code prevents debtors from making unusual payments or transfers of property just before declaring bankruptcy that would unfairly benefit the debtor or some creditors at the expense of others. These include:

[B]Preferential transfers within 90 days before bankruptcy.
A debtor transfers property to a creditor within 90 days before the filing of a petition in bankruptcy
The transfer is made for a preexisting debt.
The creditor would receive more from the transfer than it would from Chapter 7 liquidation. [/B]

Preferential liens.
A debtor gives an unsecured creditor a secured interest in property within 90 days before the filing of a petition in bankruptcy.
The transfer is made for a preexisting debt.
The creditor would receive more because of this lien than it would as an unsecured creditor.

Fraudulent transfers to insiders.
This is a transfer of property by an insolvent debtor to an "insider" within one year before the filing of a petition in bankruptcy.
Fraudulent transfers.
A debtor transfers property to a third person within one year before the filing of a petition in bankruptcy.
The transfer is made by the debtor with an intent to hinder, delay, or defraud creditors.

You might want to wait 90 days after paying down the student loan $4000 - that is why it is better if one of the attorney's on this site answers.

I made a IRS payment of $3500 just before filing (a couple of days) and my attorney said that it would not be challenged by the Trustee because the Trustee would not want to take on the IRS for $3500. The same might be said about your situation. IDK. Ultimately, the Trustee left the payment with the IRS.

You could ask your attorney too!

[OhioFiler]

I think the best advice anyone can give Monk is to contact an attorney right quick.