Make the last of the minimum payments?

[LAKERHIGH]

I will be filing C7 in early April. I have several CC's that will be due in the next 2-3 weeks. I have never missed a payment on those. Should I make the last payment or just let it go? Thanks Does it really matter either way??

[325Falcon]

Why waist your money? Use that cash for your fees!!

[Cali]

I will be filing C7 in early April. I have several CC's that will be due in the next 2-3 weeks. I have never missed a payment on those. Should I make the last payment or just let it go? Thanks Does it really matter either way??

I am paying on my accounts that I've done cash advances on, but not the other accounts.

[Dollar Bill]

I would say it depends on whether or not it would make things tight for you.

Have you made any charges in the last 90 days. Were any luxury or high dollar amounts?

Have taken cash advances off of them? If so how much? If none of the above then I hear some say it is easier to fix your credit if you have not been late on the CC's. Pay up until the day you file is best supposedly.

If it will place you into a financial bind then don't bother.

[HHM]

As others have said, the advice depends on when and for how much you last charged these cards.

If you did any cash advances or convenience checks in the last 2-3 months, YES, make the minimum payment this month.

But generally, it is not uncommon for debtors to stop paying their credit cards in the months leading up to BK.

[SUB]

What if the cash advances are used to pay the cards themselves?

[LAKERHIGH]

I have made maybe a couple $30-$40 charges over two months ago. I have not made any cash advances in over 1 year. Also, any factual info on missing or making the last payments if you were never late on those cards in order for the good credit following C7?? Some say yes (easier to get credit) and some say no (it does not matter either way).

[sharksfan]

I'm erring on the side of caution with this one. My wife and I fought like hell to make sure everything was paid up until 2 weeks before our file date. My most recent credit report (3/10... filed 3/6) shows everything being paid ontime. Other than our BK now, there have never been any negative marks on our credit reports.

A MyFICO guy (cannot find his post at this time) said that your post BK score is based upon how your file matches up to other post BK people. In other words, your file isn't compared to someone with picture perfect credit. As such your score could actually drop once the BK falls off your report.

[PaKettle]

My question would be, if you can make the minimum payments why are you filing bankruptcy? Or is it just a few cards, and other loans etc., you are letting go?

My attorney did say that it is easier to get credit and improve your score if you have less accounts in arrears, or not too long in arrears.

But on the other hand, it does bring up the question I asked... and couldn't this be considered "preferential payment"?

I'd probably not pay them.

[LAKERHIGH]

My question would be, if you can make the minimum payments why are you filing bankruptcy? Or is it just a few cards, and other loans etc., you are letting go?

My attorney did say that it is easier to get credit and improve your score if you have less accounts in arrears, or not too long in arrears.

But on the other hand, it does bring up the question I asked... and couldn't this be considered "preferential payment"?

I'd probably not pay them.

Its just a few cards. Total minimum payments would be around $130 (have nothing left if I did). I already have an income execution filed against me, but I do not work as I write so nothing can be seized with that. Just a sad situation that should have never happened in my life. I learned from this and it will never happen. Just sad, but I'm going to be ok as time goes on.

[sharksfan]

M
But on the other hand, it does bring up the question I asked... and couldn't this be considered "preferential payment"?

I don't think so... not if you are paying everyone

[schel]

What if the cash advances are used to pay the cards themselves?

This is an interesting question, I would like to know also.
Schel

[HHM]

Originally Posted by SUB
What if the cash advances are used to pay the cards themselves?

This is an interesting question, I would like to know also.
Schel

That is bad...you need to break the cycle of using credit cards to pay your bills.

[andileigh]

How much of a cash advance are we talking about? I made a few $50 advances and a $100 advance. Planning to file in June. Advances made in Jan. and Feb. Have stopped paying minimum payments on most accounts but don't want those little advances to screw things up.

[SUB]

Cash advance amounts and recommended waiting period.

0-$749: no need to wait
$750+ : AT LEAST 70 days
Outside of the 70 days.
$2000-$3000, 4 months
$4000-$5000, 6 months
$5000-$7000, 9 months
$7000+ 1 year.