Prepping for BK - Questions ...

[lostindebt]

A few questions ...

1. If you have a bank account with a credit union, DO NOT have any CC's through the credit union only use your account in the normal checking account capacity - can you keep the account through the BK? ( Dont owe any money torwards the credit union)

2. We have 1 CC we use for everyday expenses - our pay in full Amex. We use it every month for gas, groceries, food. We pay it off every month. Can we continue to use this card up until we file? (with it being paid off each month)

3. We have ALOT of unused points on our Amex - should we cash them out now so we dont loose them in a few months?

4. Should we stop direct deposit?

5. If I am on a commision only job- should I wait for the 6 months prior of low commision months prior to filing, or do they just do my yearly average?
Ex: Some months I make 3k, others $400 - $600.

Thanks!

[DebtEnder]

A few questions ...

1. If you have a bank account with a credit union, DO NOT have any CC's through the credit union only use your account in the normal checking account capacity - can you keep the account through the BK? ( Dont owe any money torwards the credit union) Credit unions are infamous for exercising their right of setoff to take funds from a check account to pay for other debts. However you don't have other debts with them so I think the risk for setoff is nil. They could still be a-holes and cancel your account if they are really anti-BK. It's in their right to stop servicing anyone they choose, but they can't just take your money if you have no debt with them.

2. We have 1 CC we use for everyday expenses - our pay in full Amex. We use it every month for gas, groceries, food. We pay it off every month. Can we continue to use this card up until we file? (with it being paid off each month) Incurring debt, and then paying it off in full could be considered pref payment. But not likely. Not like Amex is going to file an AP vs you if you hold no balance with them. And you don't care if the trustee go after them for past payments. You never doing business with Amex again most likely.

3. We have ALOT of unused points on our Amex - should we cash them out now so we dont loose them in a few months? I had a capital one and citibank card with points and I cashed them out few days before I filed. I got the reward gift cards a few days before my 341 meeting. Never heard a thing from em.

4. Should we stop direct deposit? Into your CU? I don't think there is any real issue there

5. If I am on a commision only job- should I wait for the 6 months prior of low commision months prior to filing, or do they just do my yearly average?
Ex: Some months I make 3k, others $400 - $600. It's a 6 FULL month average so if you were to file today they would look at sept, august, july, june, may, and april income. So try to find the window that will have the least income for that sort of timeframe

Thanks!

I might want to setup a second account at another bank just in case their is some really strong anti-bk stuff from your Credit union but odds are you will have no issues. I am kinda curious what you are filing against but it really doesn't matter.

[holycrap]

4. Should we stop direct deposit?

5. If I am on a commision only job- should I wait for the 6 months prior of low commision months prior to filing, or do they just do my yearly average?
Ex: Some months I make 3k, others $400 - $600.

Thanks!

My wife and I stopped the direct deposit mostly so we couls start learning to live just on cash. Probably not necessary, but i wanted to see everything go out.

I am commisioned also. I am putting off our filing til February just so i can have the weakest 6 month period from which to gather my income. if we filed now it would be skewed too high.