Large amount to one creditor~ they will obviously dipute? or will they??

[CAB_44]

Okay another question~
Sorry if I bore some of you, but I did a search and could NOT come up with already posted threads about this particular question! So thanks for being tolerant!
We have one creditor that we have 47K debt to, unsecured~
we have a feeling that they will dispute us, so my question is ...
what's the worst that could happen here????
Thanks all!

[JeepMom]

I don't know but I'm sure someone here does. I think if they do come after it that maybe a deal is worked out through the trustee.

[FoolAndHisMoney]

Okay another question~
Sorry if I bore some of you, but I did a search and could NOT come up with already posted threads about this particular question! So thanks for being tolerant!
We have one creditor that we have 47K debt to, unsecured~
we have a feeling that they will dispute us, so my question is ...
what's the worst that could happen here????
Thanks all!

Why do you think they will dispute it? If it was any recent transaction then wait til they sue you unless you must file now.
If they dispute it and the judge rules in their favor then the so called fraud portion that has to get paid back will survive the chapter 13 discharge and you will have to continue to pay this after. Disputing debt because of fraud is new in the chapter 13 arena so I am only assuming this is what they do.

[CAB_44]

I think they might dispute it because I owe them the most money....it's 47K.
The only transaction I have made on it in over 18 months was 2 months ago, I transfered a 2500. balance.....but I have not "used" the card in over 18 months...just been paying a WHOPPING 899.00-950.00 a month on it.....crap, they've made over 14K on just interest......ticks me off~...and my balance only showed about 6K LESS......another reason why I get pissed............. oh well......aaaaahhhhhhhh....just venting here.......just venting~

[FoolAndHisMoney]

I doubt they will dispute it 18 months ago. The amount doesn't matter. What matters is the financial condition you were in when it was used and even that sometimes won't hold up in court. If it was used inside of 6 months prior to filing then you would have a problem. You should be fine especially for a chapter 13 at least they will get something. Even though it was 18 months ago work on documenting where any of the cash advances went just in case.

[SinkingFast]

If you have some rather large cash advances/balance transfers shortly before you quit using the card, OR you took lavish vactions (charging a trip to Fiji or going on a Cruise when you don't normally do that), bought expensive jewelry, that sort of thing in the last couple of years on that card, you may have some problems.

If it's been over 90 days since your last purchase, and there's a consistent use history that was established, you probably don't have anything to worry about.

Consistent use history would be,....... You went grocery shopping, you flashed that card. You bought gas, you flashed that card. You had work done on your car, you flashed that card. Went to the drug store, clothes shopping, etc, you flashed that card.

And as FAHM says, the Creditor will probably only dispute certain charges. Not likely the Creditor will dispute the entire balance.

[edwards2]

Okay I am a little slow...you transferred a $2500 balance from that card to another account? $47K is a lot of money...you had that kind of balance on a credit card? I can imagine you are paying that kind of note every month. Just curious was it MBNA? We had 2 accounts with them and one was over $17k...that was years ago and we paid it off with a home equity but I am right there with you about shelling out that kind of money every month...painful thing is all we had to show for it was keeping up the exorbitant increase my husbands ex got for child support and we had other children to support as well....just venting too...that was then - this is now. I dont think the amount will mean they will automatically dispute your BK but again it depends on the creditor and by the way just because they dispute it doesnt obviously mean they will win...

[venomrk]

I owed $47K to MBNA and it's no different than $2K. And the fact that you are in a 13 makes even less of a difference. If you were filing a 7 and had that amount it would be carefully scrutinized. You're alright...

[SinkingFast]

I think they might dispute it because I owe them the most money....it's 47K.
The only transaction I have made on it in over 18 months was 2 months ago, I transfered a 2500. balance.....but I have not "used" the card in over 18 months...just been paying a WHOPPING 899.00-950.00 a month on it.....crap, they've made over 14K on just interest......ticks me off~...and my balance only showed about 6K LESS......another reason why I get pissed............. oh well......aaaaahhhhhhhh....just venting here.......just venting~

That might be a problem. That last balance transfer. The timing so close to when you plan to file BK.

But as several attnys would have said to us, "So what if that Creditor disputes that balance transfer. You're discharging thousands of $$ in debt. So what if you have to pay this one balance transfer. Pretty good deal overall, don't you think?"

BK is part Law and part negotiation. You gotta know what you're willing to accept. What you can afford. Going in.

[CAB_44]

I bust out laughing edwards2 and venomark.......it IS MBNA~ too funny...or pretty bad when people can GUESS who it is....I've been reading other pages, and MBNA seems to have many who had them as a creditor....
Yes, actually, I have (or HAD...hahaha) a credit line of 51K with them........
Here's the incident...I'll try to give you the "short version"~
I had it with Cap One, they withheld a payment of mine for 2 weeks before they posted it~ so I was just going to transfer it to other CC balances to get them off of my back...I called CAP one and the "IDIOT" got really snide with me about me questioning the payment getting there on time...I live about 3 hrs from the payment office for Cap One, and it doesn't take no 14 days for them to get my payment....doesn't even take 2 ...3 MAX, they were just withholding it because they wanted to raise my interest rate.......the idiot I talked with came back at me with phrases like.....well, you're responsible for getting it here on time...etc etc....I can't even begin to tell you his crude remarks~ anyway, I transfered some of that balance to MBNA because I was ticked~ but other than that, I haven't used the MBNA CC in over 18 months...just been paying tons on it......depressing~
but my husband is worried that they will win a dispute over the huge balance we have on that on alone...I'm really not that worried...he needs to "Read" more, like I have been doing the last few weeks~ LOL

[CAB_44]

yes but SF...at that time..I WASN'T even thinkng about BK....I was still trying to and planned on paying these ALL off....I've only been thinking about BK for right at a month....~ the incident with CapOne was what got me thinking BK........and it was just weeks before that I did the transfer..I know though.."try to explain that one to the trustee" ....
we are going to HOPE for a 7 filing here.....but 13 is probably what will end up~
You see, when I have used my CC in the last year.... it's been to pay some other bills......using those "checks" that they send you to put in your account...nothing huge, but 900. here......1200.00 there....that will show on my bank statements....so not sure how this will end up~
anyone??

[SinkingFast]

We can't tell you.

It's 2 months ago already, and when do you plan on filing? Maybe by then, it'll be 6+ months or more since the actual transfer occurred.

You did a transfer. Did you write the check to yourself, put the money in your bank acct, and then pay bills? Or did you write it direct to another Creditor? Both have a paper trail, just one is easier to prove.

But the big ringer here is the Trustee. What kind of person the Trustee is. Will they have a bad hair day the day he/she goes over your filing. Does your attny get on well with the Trustee? Or does the Trustee despise your attny?

Too many variables. Mainly the human ones that we can't judge for you.

[CAB_44]

this is true....
well, I've just got anxiety before heading out tomorrow to the attorney's office....don't want to miss anything.................to account for~ thanks guys!!

[FoolAndHisMoney]

If you have some rather large cash advances/balance transfers shortly before you quit using the card, OR you took lavish vactions (charging a trip to Fiji or going on a Cruise when you don't normally do that), bought expensive jewelry, that sort of thing in the last couple of years on that card, you may have some problems.

If it's been over 90 days since your last purchase, and there's a consistent use history that was established, you probably don't have anything to worry about.

Consistent use history would be,....... You went grocery shopping, you flashed that card. You bought gas, you flashed that card. You had work done on your car, you flashed that card. Went to the drug store, clothes shopping, etc, you flashed that card.

And as FAHM says, the Creditor will probably only dispute certain charges. Not likely the Creditor will dispute the entire balance.

I doubt some of these lavish purchases will matter over 18 months ago. A lot of people buy these things with credit cards at least once with no intention of filing and every intention of paying it all back. No one should ever buy any of these things inside of 6 months prior to filing or at anytime they are unemployed and broke. A broke person taking a vacation or buying jewelry even 18 months before filing may be scrutinized.

CAB_44, I would put more time between the $2500 cash advance and the time you file. It may not even matter since your filing a chapter 13, but I'd play it safe unless you have no other choice and need to file. Let us know what your attorney says.

[aa06a47]

MBNA, must be the poster child for giving large credit limits and having people file against them. MBNA took it up the butt for about 60K in my case, they didn't object and my chapter 13 will only give them about 10% back.