Some of the threads I've read recently mention "adversarial proceedings" and it's created extra worry in my brain...
I was wondering if anyone who has experienced "adversarial proceedings" could post their cliffnotes.
My situation is as follows:
I am planning on filing Ch13 later this year, I'm currently finishing making minimum monthly payments to get beyond the "90 day last transaction" period. I plan on trying to go at least a few months beyond without making ANY payments before having to file, depending on how aggressive my debt is pursued, the vast bulk of which (100k) is unsecured, most of which was originally racked up thru BT's of various sizes... The last few years were simply the BT shuffle, meaning one BT would be submitted to payoff a 0% card that I would be losing the interest rate on, etc... Most of the BT's were simply deposited into my checking account, NOT payments made frome one creditor to the next. I didn't run into trouble until the last few months of 2008, as the CC companies started eliminating their 0% offers, tightened up their approval process, etc
Am I going to have to show where the money went? Some of the accounts aren't even open anymore and I wouldn't even know where to begin looking. I thought that if my last BT's were well in the past, early 2008 were the last ones, and I was making my payments since then, I would be OK.
I've read here that bank records and CC statements as far back as a year are sometimes requested and examined...If it's been about a year since the last big BT and I made at least a few monthly payments after that, and I went a few months beyond that (not paying) - then we're talking 18 months beyond when I do file....
Also, the current distribution of my 100k CC debt has about 50k to one lender (3 cards), with the rest distributed in much smaller amounts through other CC. I believe that the phonecalls won't bother me too much, but how quickly after I stop paying will the CC with the 50k owed really come after me? In terms of suing me. In reading the threads here, it seems some people have gone quite some time without paying. How have other people who owed 50K or more to one lender fared when they've stopped paying??
I guess I'm looking for reassurance thru your "been there, done that" stories that my situation will either (a) not draw any special focus, or (b) will not require me to illustrate dollar by dollar what I did with the 100k in CC debt I've managed to accumulate.
Thanks for sharing, and for taking the time to read this. I've learned alot here from reading past threads and everyone seems to be so supportive of each other through this rough process.
I was wondering if anyone who has experienced "adversarial proceedings" could post their cliffnotes.
My situation is as follows:
I am planning on filing Ch13 later this year, I'm currently finishing making minimum monthly payments to get beyond the "90 day last transaction" period. I plan on trying to go at least a few months beyond without making ANY payments before having to file, depending on how aggressive my debt is pursued, the vast bulk of which (100k) is unsecured, most of which was originally racked up thru BT's of various sizes... The last few years were simply the BT shuffle, meaning one BT would be submitted to payoff a 0% card that I would be losing the interest rate on, etc... Most of the BT's were simply deposited into my checking account, NOT payments made frome one creditor to the next. I didn't run into trouble until the last few months of 2008, as the CC companies started eliminating their 0% offers, tightened up their approval process, etc
Am I going to have to show where the money went? Some of the accounts aren't even open anymore and I wouldn't even know where to begin looking. I thought that if my last BT's were well in the past, early 2008 were the last ones, and I was making my payments since then, I would be OK.
I've read here that bank records and CC statements as far back as a year are sometimes requested and examined...If it's been about a year since the last big BT and I made at least a few monthly payments after that, and I went a few months beyond that (not paying) - then we're talking 18 months beyond when I do file....
Also, the current distribution of my 100k CC debt has about 50k to one lender (3 cards), with the rest distributed in much smaller amounts through other CC. I believe that the phonecalls won't bother me too much, but how quickly after I stop paying will the CC with the 50k owed really come after me? In terms of suing me. In reading the threads here, it seems some people have gone quite some time without paying. How have other people who owed 50K or more to one lender fared when they've stopped paying??
I guess I'm looking for reassurance thru your "been there, done that" stories that my situation will either (a) not draw any special focus, or (b) will not require me to illustrate dollar by dollar what I did with the 100k in CC debt I've managed to accumulate.
Thanks for sharing, and for taking the time to read this. I've learned alot here from reading past threads and everyone seems to be so supportive of each other through this rough process.
Bankruptcy Wizard
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