Credit card balance transfer

[253BK]

Hi all I have a card that is at 15.99% and just recived an offer at 4.99% to to a balance transfer to a card I have had for years! My question is how will they look at this if we file in January???

I have been making minimums on all my cards just filing BK due to 4 rental hoems going bad!!! I am not sure if I will have the cards after the BK do you think I should even keep paying them???

[HHM]

Unless the BT is going to be less than $750, Don't do it, if you are going to file in January. A balance transfer this close to BK would certainly be objectionable. BT's are essentially cash advances.

[lrprn]

Hi all I have a card that is at 15.99% and just recived an offer at 4.99% to to a balance transfer to a card I have had for years! My question is how will they look at this if we file in January???

Ask your lawyer whether it's in your best interest at this time to take the offer or turn it down. When do you plan to file? Too close to your filing date can be a problem with a recent balance transfer showing.

I have been making minimums on all my cards just filing BK due to 4 rental hoems going bad!!! I am not sure if I will have the cards after the BK do you think I should even keep paying them???

You must list all your debts when you file - you can't pick and choose. Only loans and credit cards with a zero balance on filing day can be left off your creditor list on your bk forms.

After you file, chances are very good hat each of your credit cards will be cancelled by the cc company. Occasionally dept stores and local company cc's will survive, but all of the "big boy" cc's you have will 99.9% be gone.

The "big boy" cc companies share information between them in a large debtor database, so even your cards that have no balance and aren't listed in your bankruptcy will often be cancelled as well.

If you are paying on your credit cards with the hope that will increase the chances of keeping the cards active after you file, it won't.

Personally I believe that once you are certain you are going to file, paying good money against debts that are going to be wiped out in your bk makes little sense. What has your lawyer advised you to do?

[253BK]

Thanks guy for the info! I think I will hold off and just file in Feb 2008 and we will see what happens then!