Credit Report

[HHM]

How so. Seems like one could always claim to have intended to make repayment.

I didn't use the word 'intend', I said "reasonable expectation" to pay the debt back. Basically, what the creditor needs to show is that a "reasonable person" under your circumstances could not have "reasonably beleived" they could afford to take on such debt and be able to pay it back. Thus, they look at all kinds of things.

Easy example: Debtor has lost job and has been out of work for 3 months, debtor has been looking for work, but has had not success. Debtor rents, has only a few hundred dollars in cash and no equity in his car. Debtor takes out an $8,000 cash advance to make ends meet. Debtor files BK 6 months later. If the creditor objected, the debtor would more than certainly lose. At the time he took out that loan, he literally had no way of paying it back nor could he have believed he would be able to do so in the near future. The debtor would probably lose this objection.

[tallberry]

Truthfully, Teddy, you are where we were a year ago. We were never late on anything, EVER. We made enough money to stay current and we bought some nice things we didn't need but... we always were just hanging on. We put things on credit cards that should never have been. We didn't worry because we both earned a nice living. Then my husband took a job transfer, our house wouldn't sell and lost $75,000 in value in the down market, I had to take a job making a fraction of what I did before....presto, chango....we are in BK. It only takes one life altering occurance that can take you from the top (or what we thought was the top) to the bottom in one swift swoop. I couldn't have survived without the education I have received here! I feel like I owe someone tuition (sorry, no money anyway). Do lots of reading here, Teddy, and make a good,well-informed decision for yourself. Good Luck!

[SUB]

I just worry too much probably.

Probably so.

[SUB]

I didn't use the word 'intend', I said "reasonable expectation" to pay the debt back. Basically, what the creditor needs to show is that a "reasonable person" under your circumstances could not have "reasonably beleived" they could afford to take on such debt and be able to pay it back. Thus, they look at all kinds of things. .

Gotcha.

[Teddy]

The only thing is I have not had anything catastrophic happen, I'm just in over my head with my bills.

I charge everything. I was just going back thru my statements and printing them out just in case and I see how much I charged! It was everything I needed/wanted. Nothing high dollar - the most expensive was an airline ticket for $400 but that was back in October, everything else is a little here & a little there and it was mostly pet care/vet stuff - clothes, household items - nothing luxury that's for sure.

I guess this is just scary and I tend to worry anyways. I do love this forum, it's very informative!

[HHM]

The only thing is I have not had anything catastrophic happen, I'm just in over my head with my bills.

And you are in a large family of BK filers. Again, the code does not care why you filed BK. The code does not require that you have a "really good" reason to be filing. (short of outright fraud, and by that I mean, con artists who defruad innocent victims and then try to use the BK system to hinder and delay justice...it does happen).

[Teddy]

HHM - again, thanks! I get a warm-fuzzy after you reply to me, ha! Your answers are very helpful in alleviating my worries.

I found it really interesting when I looked back at my credit card statements how much stuff was actually a necessity that I didn't have the money for.

I'm just so anxious about this, I got my Capital One online statement and it bothers me a great deal that I will not be paying it.

[pa308]

Teddy, I think its just normal to worry.

I plan to file in May, and I know that just when I find myself feelling comfortable about everything I read something and I start to spas myself out.

Even though I'm not doing anything fraudulent, I always seem to play the 341 in my mind where I'm asked a question and freeze or something or get a question i havent read about, prepared for .......

Everyone mentions, and its true that the 341 will probably be over in 10 minutes but in my mind I;m infront of a Supreme Court or something.....LOL

We just need to chill and hopefully our attorneys will take us through.

Just my thoughts.

[Teddy]

Thanks - that's how I am too - read something or hear something and freak out. I had another thread where a GM at the car lot told me there was no way I'd get approved based on my credit report and that totally flipped me out. I figured he'd probably seen quite a bit in his years working with people buying cars, I hope he's wrong. He had me fearing my BK would not go thru and then things would be worse b/c creditors would see that I had filed and raise my rates sky high, etc.

That's probably why I'm asking so many questions here! I know I over analyze things.

I haven't gotten to the 341 in my mind yet though I am planning on filing around April 18 when I can pay the attorney off.