90 days/6 months?

[worriedbk7]

what is the difference if you wait 90 days from last cc usage or 6 months? I mean..does it really matter? I know you have to at least wait 60 days for the burden of proof to be on them to prove fraud. I am asking because I am worried that the new LOVELY bill that just passed will ruin my chances of a discharge if I wait too long. By the way, I love this site!! I have never felt so comforted and accepted (especially when it comes to this) Thanks Todd & HHM!

[EdytaHome]

Honesty, I didn't wait at all. I lost my job and that was proof enough that I couldn't repay my creditors. I think that by the time my lawyer filled the paperwork, I had not used my credit cards for about 3 months, maybe less. If you know you're going to file BK, just stop using credit cards and stop paying them too.

[HHM]

If the use of the credit card purchases were for usual living expenses, it doesn't matter, you will be in the clear (for the most part). If its for luxury items within 6 months, it can be problematic, and if it is a cash advances of any significant size, you probably want to wait at least 6 months, but are better off waiting a year.

Where people most often run into problems in this area is for those that file BK in January/February/March and have significant Christmas purchases.

The issue is a possible objection to discharge. The worst case scenario is that a portion of the debt you may still have to repay. Often times, the creditors will offer a reaffirmation agreement at 50% of the disputed balance, which is usually a pretty good deal, all things considered.

As for the new BK bill, yeah, it passed the Senate, but it still has to go through the House and conference, and be signed by the President. I wouldn't expect the law to become effective until 2006.

[robivi3]

MBNA did that with me, they offered a $4400.00 settlement on $17000.00. I did not respond. Mine was filed two weeks prior to Christmas with no purchases for the last 90 days and one year of business expenses only and no Cash Advances ever.

[NOMO$$]

Was that the last you heard from mbna?

[robivi3]

The very last. in fact MBNA is the only crditor whose reporting of my BK on my Credit required no correction.