Want to pay/close a joint account before filing

[pa333]

Hi all -

My husband and I are planning to file in the next month or so. We have major, major, major CC debt - more than $175 in credit cards and unsecured loans.

Among all that mess is one credit card with a balance of $3,500 - in both my name and my father's name - which he helped me open back in 1991. No joke.

Anyway, I really want to get this one closed before I filed because I SO SO SO don't want to drag my father's good credit into this mess. If I paid it off by money order (i.e. not really traceable) and closed the account, would it create a big problem in terms of perceived preferential payments. What if I gave the cash to my father and had HIM cut a check - again, money not coming from me directly.

Please give me your thoughts. I am really upset at the thought of getting anyone involved and I'm frankly mortified that he will find out that we are filing.

Many thanks -

[OhioFiler]

Don't expect any help on how to hide assets, transfer assets or hide preferential payments. These are all illegal and you run a huge risk of having your BK dismissed.

[AngelinaCatHub]

Don't expect any help on how to hide assets, transfer assets or hide preferential payments. These are all illegal and you run a huge risk of having your BK dismissed.

This is true and very serious and could also be construed as fraud. Best to level with Dad, have him pay it off, and you pay him AFTER your discharge. Even closing that account may trigger questions, but it is, after all, his account too, so could be explained. DO NOT attempt to pass funds under the table. It has a way of bubbling to the surface. 'Hub

[whipster1]

Agree. If the debt is paid by him or whoever close to filing it may trigger a preference claim, and you would be on the hook for the 3500 for the trustee. So the 3500 debt now becomes 7000 out of the pocket. Is it worth it?

[sigferl]

Thanks for your post. Have you looked at other solutions than filing BK, with all the bailout money available you should be able to get some help without taking the drastic step of BK?

New bailouts being created everyday.

Thanks.

Hi all -

My husband and I are planning to file in the next month or so. We have major, major, major CC debt - more than $175 in credit cards and unsecured loans.

Among all that mess is one credit card with a balance of $3,500 - in both my name and my father's name - which he helped me open back in 1991. No joke.

Anyway, I really want to get this one closed before I filed because I SO SO SO don't want to drag my father's good credit into this mess. If I paid it off by money order (i.e. not really traceable) and closed the account, would it create a big problem in terms of perceived preferential payments. What if I gave the cash to my father and had HIM cut a check - again, money not coming from me directly.

Please give me your thoughts. I am really upset at the thought of getting anyone involved and I'm frankly mortified that he will find out that we are filing.

Many thanks -

[StartingOver08]

Thanks for your post. Have you looked at other solutions than filing BK, with all the bailout money available you should be able to get some help without taking the drastic step of BK?

New bailouts being created everyday.

Thanks.

You must be joking. The bailout money is for corporations, not individuals. If you find money for individuals come back here and post it so we can all get some.

[mamaluv]

You must be joking. The bailout money is for corporations, not individuals. If you find money for individuals come back here and post it so we can all get some.

Can I write Obama and ask him to save me from bankruptcy????

[OhioFiler]

Thanks for your post. Have you looked at other solutions than filing BK, with all the bailout money available you should be able to get some help without taking the drastic step of BK?

New bailouts being created everyday.

Thanks.

They have $175,000 unsecured debt. What bailout program do you see being debated in Congress that addresses this situation?

What new bailouts are being created everyday?

Define the "drastic" portion of bankruptcy please. Someone who is teetering on the decision to file bk or not may read your post and decide bk is too risky for them. Yet you offer no support for your outrageous post. You do an injustice to anyone who is not bk savvy who reads your post.

[AngelinaCatHub]

You must be joking. The bailout money is for corporations, not individuals. If you find money for individuals come back here and post it so we can all get some.

The bail out money is for payoffs to unions and others that got 'Bammy and his Reich into office. My opinion. 'Hub

[OhioFiler]

The bail out money is for payoffs to unions and others that got 'Bammy and his Reich into office. My opinion. 'Hub

Not just your opinion! It's shared.

[AngelinaCatHub]

Not just your opinion! It's shared.

Yes and by more people, daily. "You can fool all the people some of the time, you can fool some of the people all the time, but you cannot fool all the people all the time."

[AngelinaCatHub]

Thanks for your post. Have you looked at other solutions than filing BK, with all the bailout money available you should be able to get some help without taking the drastic step of BK?

New bailouts being created everyday.

Thanks.

I looked over this post and have a 'gut feeling' that this poster is working his/her way up to a bk reconciliation link to some spam firm. I hope I am wrong in this. He/she will be banned if this were to happen. 'Hub

[falken]

I looked over this post and have a 'gut feeling' that this poster is working his/her way up to a bk reconciliation link to some spam firm. I hope I am wrong in this. He/she will be banned if this were to happen. 'Hub

I am going to agree with you on that one. 4 total posts, all telling people that BK is not the answer.

[AngelinaCatHub]

I am going to agree with you on that one. 4 total posts, all telling people that BK is not the answer.

Yes I noted that too. One post was very good about the alcohol plans and all that, but the person is definitely not prone to aid in a bk plan. 'Hub

[pa333]

Don't expect any help on how to hide assets, transfer assets or hide preferential payments. These are all illegal and you run a huge risk of having your BK dismissed.

Oh my god, I never thought of it that way - of course, we would not want to do anything wrong/fraudulent. We are in the process of hiring a lawyer and I guess the best thing to do is wait to get his advice.