How long to wait after taking out a loan.

[shakeshak]

My wife took out a 10,000 personal loan from citi in september of 2007.We have made all payments on it untill may,8 payments.We are planning to file chapter 7 in august and are wondering what the likelyhood of an objection might be. I realize each case is diferent but just hoping for opinions based on your experiences.

[krielly]

It's been long enough, and you have made all of the payments until recently, so it doesn't seem like you should have anything to worry about.

What did you spend the money on? Can you document it?

Remember, we're not lawyers.....so don't take my word as gospel.

Others can chime in about their experiences, but I don't think you probably have anything to worry about..................

[JRScott]

General thought is at least 4 payments, so as krielly says you should be okay

I'd also as krielly says make sure that you can document what that went for.....

[PaKettle]

I agree that it should be fine. If you only made a few payments then it might be a problem but the number of payments you made plus time you are waiting before filing should mean they will not be able to object. Good luck! Just in case anyone asks, though, you may want to have an answer ready as to where the money went.

[momof5]

the number of payments you made plus time you are waiting before filing should mean they will not be able to object.

This confuses me to no end. Some say that any creditor can object even if you have made payments. Then I read that a certain number of payments and time will prevent objections. There seems to be no real definate answer to this question. Maybe I am just getting those 12 days pre 341 jitters.

[lrprn]

This confuses me to no end. Some say that any creditor can object even if you have made payments. Then I read that a certain number of payments and time will prevent objections. There seems to be no real definate answer to this question. Maybe I am just getting those 12 days pre 341 jitters.

The reason you can't find consistent answers is that there aren't any . Whether a creditor will object or not depends on lots of factors - how desperate the creditor is to get the money, how much you owe, what you charged....the list goes on and on.

IN GENERAL - if you don't charge anything within 90 days of filing, 98% of the time major creditors won't object. If you pay up until filing, the 2% chance drops even further. If you have a lawyer, he/she can advise you what to expect in your unique situation.