My wife and I have been gearing up to file our chapter 7 bankruptcy.
We were about to have our cars repo'ed so we opened two new credit card accounts at the end or February and beginning of March of this year. One was an $8500 cc and the other was for $5000. To avoid the higher rates for cash advances, we transfered our new cards to a credit union line of credit and then wired funds directly to our checking account. We then withdrew the money from checking and bought two used cars, one ended up needing $2500 in engine work. We have some cash left over that we have left out of our accounts so we cannot show where all this money went.
As of now, we are current on all of our bills including all credit cards. Our two cars were repo'ed.
I lost my job last fall and our 3rd income source has slowly dried up over the last 8 months. My wife is the only one working so we need a solution and have decided on chapter 7.
My questions:
1. How long should I pay the new credit card payments so I don't cause myself any grief with the trustee and get this debt discharged?
2. How long should I pay all of my credit cards before I file?
3. My last charge on a credit card was a major transfer on 3-15-05, when would be a good date to file?
I have all my bills paid through May but need to know what to do as of June 1st...my original idea was to pay another month on the accounts that were affected by my large transfers but let all the others go delinquent. I was planning on filing in July to give some time in between all this activity.
What are all your thoughts regarding my situation and what is the best way to prepare for filing?
We were about to have our cars repo'ed so we opened two new credit card accounts at the end or February and beginning of March of this year. One was an $8500 cc and the other was for $5000. To avoid the higher rates for cash advances, we transfered our new cards to a credit union line of credit and then wired funds directly to our checking account. We then withdrew the money from checking and bought two used cars, one ended up needing $2500 in engine work. We have some cash left over that we have left out of our accounts so we cannot show where all this money went.
As of now, we are current on all of our bills including all credit cards. Our two cars were repo'ed.
I lost my job last fall and our 3rd income source has slowly dried up over the last 8 months. My wife is the only one working so we need a solution and have decided on chapter 7.
My questions:
1. How long should I pay the new credit card payments so I don't cause myself any grief with the trustee and get this debt discharged?
2. How long should I pay all of my credit cards before I file?
3. My last charge on a credit card was a major transfer on 3-15-05, when would be a good date to file?
I have all my bills paid through May but need to know what to do as of June 1st...my original idea was to pay another month on the accounts that were affected by my large transfers but let all the others go delinquent. I was planning on filing in July to give some time in between all this activity.
What are all your thoughts regarding my situation and what is the best way to prepare for filing?
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