Brief review, we met with a couple attorney's last year and decided to put off the bankruptcy a few months to plan for it, bought a new car since the old one was falling apart, but didn't buy extravagant. Then wife had an injury kept her home bound for months, which delayed us further from filing. Still current on all payments (CC/Car/House) and have made 8 payments on the new car. Things are getting increasingly tight, and I hope to meet with a few more lawyers in the next two weeks to make a decision. My wife is a little apprehensive and is hoping to find out exactly what we qualify for (7 or 13) and if it's a 13, would we have enough to live on for 5 years.
Ok, now for the question, I have about 2000.00 worth of stock which I am going to either have to sell or give to the trustee. We have a property tax bill coming up in June for 4000.00 which I have about 2400 saved for. Also a Sears bill for matresses we bought 2 years ago, with a deferred interest setup, so if it isn't paid by 5/26 they will tack on 1000.00 in interest charges on a 1000.00 balance.. Gotta love those deferred plans, 100% interest...
Anyway, I am thinking of selling the stock and using the money to pay off the Sears bill and also pay the property taxes before we file. Is this a bad idea? I know we shouldn't really be paying off credit cards like that, I am worried it would appear to be a preferential payment, but the thought of having another 1000.00 added to our total debt is just hard to swallow. Anyone have any suggestions. I doubt the trustee would have a problem with us using the stock money to pay a property tax bill, but I really don't know what to do. I know the best suggestion is to find a lawyer quick and ask them, but don't know if I can do that before I need to pay that Sears bill. The other bad thing is I had an emergency dental situation last week and had to put 1000 on a credit card. I was sick about it. We have been trying for the last 8 months to use the cards as little as possible and not to charge anything over 100.00 on one card at time and then that happened. The doctor demanded payment in full so I really was stuck. I should have said no, I didn't have it, and will have to do this once we file, but at the time, I fell back on my habits and just paid it when they pressured me.
Anyone have any suggestions.
Ok, now for the question, I have about 2000.00 worth of stock which I am going to either have to sell or give to the trustee. We have a property tax bill coming up in June for 4000.00 which I have about 2400 saved for. Also a Sears bill for matresses we bought 2 years ago, with a deferred interest setup, so if it isn't paid by 5/26 they will tack on 1000.00 in interest charges on a 1000.00 balance.. Gotta love those deferred plans, 100% interest...
Anyway, I am thinking of selling the stock and using the money to pay off the Sears bill and also pay the property taxes before we file. Is this a bad idea? I know we shouldn't really be paying off credit cards like that, I am worried it would appear to be a preferential payment, but the thought of having another 1000.00 added to our total debt is just hard to swallow. Anyone have any suggestions. I doubt the trustee would have a problem with us using the stock money to pay a property tax bill, but I really don't know what to do. I know the best suggestion is to find a lawyer quick and ask them, but don't know if I can do that before I need to pay that Sears bill. The other bad thing is I had an emergency dental situation last week and had to put 1000 on a credit card. I was sick about it. We have been trying for the last 8 months to use the cards as little as possible and not to charge anything over 100.00 on one card at time and then that happened. The doctor demanded payment in full so I really was stuck. I should have said no, I didn't have it, and will have to do this once we file, but at the time, I fell back on my habits and just paid it when they pressured me.
Anyone have any suggestions.
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