credit card payment ?

[helpsoneeded]

If i used my credit cards for cash advances do i need to keep paying them for the 90 days that i dont use them, or do i need to make one or two payments on them and then at that point dont use them for 90 days. I get a little confused on that 70/90 rule. Unfortuantly i did a cash advance for gambling, hoping to win, but as usual lost again, but i really cant pay on the card. Wondering if i could stop paying on other cards and then maybe make payments on the one i used for a cash advance to make it look a little better, or is that considered favoring one over another. We probaly wont file until july or aug, but want to stop paying on cards in march or april. What does everyone think? Thanks alot again!!!! Whats an average amount of time you can go without paying on cards before they can sue you? Again, Thanks

[Cali]

I would stop using them now and pay on the one you got a cash advance on for two months.

[lrprn]

I get a little confused on that 70/90 rule.

According to the current bk law, if you file 70 days after your last cash advance and 90 days after your last charge on a credit card, the creditor has the burden of proof to file and objection and prove to the court you took the "loan" or purchased items fraudulently because you knew you were going to file. In other words, you filed in "bad faith" and what you owe the creditor should not be discharged. This doesn't affect any other creditor - just the one who objects. And frankly, it's very hard for a creditor to prove intent to the court.

Whats an average amount of time you can go without paying on cards before they can sue you?

Depends on the creditor and the type and amount of debt. They have the right to sue you after one missed payment, but no one does that because it's too expensive to go that route.

On average with major credit cards - you have at least 4-6 months after the last payment before they start either writing you off or selling your debt. Then you have another 4-6 months before whoever picked up your debt starts getting serious about court.

If the creditor is a smaller local merchant, you usually have less time before they get serious about trying to get you to pay their money and head to court.

Your best bet is to ask knowledgeable bk lawyers in your area what they have been experiencing with their other clients.

All your creditors will be doing whatever they can to get all of the money you owe them from the first missed payment on. Those legal (and sometimes illegal) efforts won't stop until you actually file bankruptcy and the automatic stay forces them to stop.

[253BK]

How about quit gambling you wont win! If you dont have cash in your hand NOT FROM A CARD then you shouldnt even be in a casino not even for dinner!

I couldnt imagne pulling cash out at 15-20% and losing it all I would drive off a cliff on my way home! I cant stand to lose 50$ drives me CRAZY!

I would stop using all cards to be safe if any of them file a claim you could end up paying it all back and some! Just becuase you file and wait so many days doesnt mean anything just FYI!!! Cut up the cards and wait it out

[MajorMike]

About 15 years ago I won $50K on a slot machine and blew it all in 6 months. Best high ever!!!! Now if I had that money, I'd do it differently....but it was a fun ride. Everyone is different with how they entertain themselves. Some take a Hawaiian vacation and blow $5K and others do it at a casino. What's the difference if that's how you have fun.

How about quit gambling you wont win! If you dont have cash in your hand NOT FROM A CARD then you shouldnt even be in a casino not even for dinner!

I couldnt imagne pulling cash out at 15-20% and losing it all I would drive off a cliff on my way home! I cant stand to lose 50$ drives me CRAZY!

I would stop using all cards to be safe if any of them file a claim you could end up paying it all back and some! Just becuase you file and wait so many days doesnt mean anything just FYI!!! Cut up the cards and wait it out

[253BK]

THe differance is pulling it out a credit card and knowing your filing BK if they are to suspect something you will end up paying it all back That isnt a game I want to play in!

Plus your chances of winning are slim to none BUT have it your way major and helps

[MajorMike]

I'm not talking about pulling out a credit card and filing BK. I'm talking about gambling period. If you're responsible and want to gamble, there is nothing wrong with it. I played for 2 1/2 years and kept detailed records. I was up $36K. Slim or not, it should be viewed as entertainment and if someone wants to blow money on it, why shouldn't they? I know a lot of people who gamble as a career and are very wealthy because of it. Someone at our local casino won 3.2 million just last week on Wheel of Fortune. IT can happen. Just because you are against it doesn't mean everyone else has to be.
I know I wouldn't blow $300 on football tickets, but some do. Its when you're not responsible, is when you can get into trouble if you're not careful. I only take what I intend on losing. If i win, it's a bonus, if I lose..no big deal!

[253BK]

this is over your head major!!! I am just talking about cash advaces and going to the casino with it and know you are going to file that is fruad and can lead to trouble!

Gamable all your money away for all I care LOL I like to go once in awhile BUT only when I have extra cash to do so

Helps you have to stop with the cards and get yourself ready dont use them over and over then say ok in 90 days I can file dont you think they look for that??? Just be careful and dont try and play the system

[qwertysue]

Try to remember that gambling is a disease. Those who have a gambling addiction do not look at gambling the same way that those who do not have an addiction. For those addicted, it's not as easy as *just stay out of the casinos*, just as it's not as easy for a drug user to *just stay away from the drugs*.

When facing bk, some people will try anything to avoid it. Ever hear of the saying "desperate times, desperate measures"?

I'm not saying that helpsoneeded is a gambling addict, but wanted to point out that BK is a stressful time and people will do almost anything to be able to not go through it and that *almost anything* may not be the best idea.


Helpsoneeded: I'm going to agree with lrprn--checking with a local attorney who knows the trustee will be your best idea.

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[mesa777]

I am in the same situation here... Over the last year or so I have lost around $75,000 on sports gambeling via the Internet and via Las Vegas sportsbooks, I am a sick person and have finally admitted this fact, I attend one GA meeting a week as well as attend gambling treatment. My way of life over the last 12 + years SUCKED and now will be losing everything due to this sick illness, my home, credit, new car I bought via 2nd mortgage re-fi and my overall confidece. I am now going to file for bankruptcy due to this ilness, no one ever wants to be put in this situation, can't sleep, am worried every second of the day for my future, I used to wake up everyday and dread how much I would lose on that given day, horrible life that I would never give to my worst enemy!

I am going to try and pay the minimums until I have no choice but to file, I want to file a 7 and will have to keep up my house payments so that I can include my home on the means test otherwise will be shoved into a 13! This is the way I am going to approach this... Live one day at a time, if and when I get close to not being able to pay my house payment I will same up money, let the bank forclose and get an apartment, its all I can do..

I am do worried about this bk situation that I get sick. I have a second mortgage, a first and over $50k in cc bills. One was cash advance for $25k that I used to wager on one game, and lost. I don't want to be proscuted for fraud, I am just a sick gambler hoping to get better.

[helpsoneeded]

irprn?

Irprn, do you agree with cali as far as it being ok to stop paying on my cards, but continue to make at least a couple of payments on the ones i used for cash advances? Thanks

[lrprn]

Irprn, do you agree with cali as far as it being ok to stop paying on my cards, but continue to make at least a couple of payments on the ones i used for cash advances? Thanks

As far as the law goes, when you haven't made a charge on a credit card for 90 days and haven't taken a cash advance for 70 days before you file, then the burden of proof that you took the money knowing you planned to wipe it out by filing flips to the creditor.

Most lawyers will advise that once you are certain you will file bankruptcy, stop making payments on your credit cards so you don't waste money you could use to pay your lawyer's fees and prepare for Ch 13 by stocking up on items that you may have put off buying trying to keep paying your cards. Some lawyers feel it's best to make a few payments up until filing just to prove good faith, but this varies around the country.

The most reliable option to help decide what is best for your case is to ask your lawyer. If you haven't retained a lawyer yet, then now is a great time to make 3-4 appointments for free or low cost initial consults with bk lawyers in your area. This is an excellent question to ask every one of them during the interviews.