Newbie Questions

[pmac123]

1.Can you tell me how far back they look at bank statements? I'm not trying to hide anything but there are some deposits in there that my children may have given me so I could write a check for them. I really only have one month that is acurate.
2.Should I wait till after I file my tax return? I'm getting less back this year.
3. Discover has taken me to court and I have been ordered to pay, can I still add this account to my BK?
4. My income is 50% less than the applicable median family income for NH, so that means I qualify for BK right?
5. My car is a clunker, if I buy one now won't they question that?
6. Finally, Do I have to list ALL of my credit cards? Can I keep an old one with a small bal. just for credit score reasons?
Thank you so much...this is so scary!

[tobee43]

1.Can you tell me how far back they look at bank statements? I'm not trying to hide anything but there are some deposits in there that my children may have given me so I could write a check for them. I really only have one month that is acurate.


most courts ask for you to produce the last 6 months of bank statments...there are some exceptions...but most are 6 months.

2.Should I wait till after I file my tax return? I'm getting less back this year.

sometimes depending on the amount the trustee lets it go....other do not. i would speak with your atty to find out what the record is for the trustee that has been assigned to your case. we waited until april to file and had rec'd a large refund...we were never asked anything about it by the trustee, however, we were a no asset chapter 7

3. Discover has taken me to court and I have been ordered to pay, can I still add this account to my BK?

make certain you list the debt and also the docket number on the summons and court case....after the discharge your atty will have to file what is called a motion to vacate this judgment. it may cost you a bit more in legal fees, but well worth it to have the order removed.

4. My income is 50% less than the applicable median family income for NH, so that means I qualify for BK right?

without seeing the "exact" numbers it is difficult to "guess" ...also no one can really truly in all honesty assure you anything...just give you an opinion based on their own personal experience.

5. My car is a clunker, if I buy one now won't they question that?

most likely YES....try and wait...

6. Finally, Do I have to list ALL of my credit cards? Can I keep an old one with a small bal. just for credit score reasons?

yes, list everyone and their mother and their mother's mother....you want NO stone unturned...think of everyone, from your little accounts to just small account like even your local plumber you may owe $200 to...better to be safe than sorry.

Thank you so much...this is so scary!

bk is a scary, emotional roller coaster.......it has highs and lows and fears and tears...but it's the first step for a better future if that is the answer for you. i would also suggest interview at least 3-4 law firms if you are going to hire an atty. pick someone you as comfortable as possible with, during this most uncomfortable situation.

good luck and let us know how you make out...also PLEASE....someone please chime in, if i and i most likely did, miss again!

[pmac123]

Thank you so much for all the info. It is very helpful. I retained an attorney in 2008 and all the schedules were ready to go. All I had to do was sign. I chickened out (hate that 20/20 thing!) but I have some idea what to do so I'm going to try to do this myself. I can't borrow $ from anyone and attornys cost too much for me! All of you have been so great and I'm sure I'll have more questions! I won't be filing till April....should I just stop trying to make min payments on credit cards? I really need to get to a dentist but they won't see me without $.

[DebtHater]

If you are sure you are going to file then stop making payments to creditors ASAP as you are just wasting away your money. Just to warn you, you will get phone calls from the creditors. A lot of phone calls. Just stand your ground and do not let them intimidate you. They will want to make deal and get all sorts of info on you. Don't let them. Do not cave in. If you stop paying today and file in April you shouldn't go much more than 180 days past due. I don't see to much of a risk of judgments. Tell them you can not pay anything right now and don't call me, I'll call you. Tell them you will update them monthly on your situation and if they call they will get a dial tone. If they continue to call you will considerate harassment and those air horns used at sports events do wonderful things to someone on the receiving end of the phone.

As far as wanting to keep a card for credit score reasons, don't waste your time. Other than what was previously said, you must list ALL debts. Once they catch wind of you filing (and they will find out) they will likely close the account anyway. So bottom line, don't worry about your credit score. There's plenty of time to fix that later. Worry about today now. Worry about being able to breath again and living with out worrying about where you are going to get the money to fix your teeth. Your teeth are much more important than these credit cards.