Good Timing or Bad

[james52]

We are needing to file asap as we are really struggling to continue with payments every month. All the credit is in my spouses credit. We last did a balance transfer in Feb. for about 13k from a BofA card(in which they raised her Credit Limit), which we used to pay off some other high interested CC and to live off of as work was slow. I usually make a lot of money in the summer so I can usually pay everything off from bad times, but this year has been very different and we are barely making it with all the minimum payments. We have not used any credit at all since Feb. also.

My question is, is it ok to file now, we have made 5 payments to all cards and the cars. We have not missed any payment to date or been late at all. I am worried about the cards with the balance transfers. I know people say make 6 payments, but I am hoping to do it now after 5. Her income is well below what is needed as I make all the payments.

What do you all think? Strain to make 1 more months payments or just use that money to pay lawyer?

[liz417]

Just stop paying the credit cards. Start saving for an attorney now! Most offer free consultations, see about 3-4 attorneys and get their advice. We were told by my attorney to wait 6 months on any balance transfers and/or cash advances.
We stopped paying in mid May and started payment plans with the attorney we retained.

Good Luck!

[james52]

We already have a attorney and he said go ahead if we have to. He said that waiting 5 or 6 months is really no difference, if they want to counter they will no matter how many payments. ?

[liz417]

Well, there you go...stop paying them and save your money. My attorney said if the creditors object, then they object and I'll have to pay the transfer back (not the whole balance). 13k is kinda high, and BofA is aggressive (so I've read on these posts), if I were you, I don't know if I would 'risk' it, I would wait and put as much time as possible between the transfer and filing...just my opinion...I'm sure someone else will chime in soon...
Good Luck!

[Help!]

First, are you sure your "spouse's credit" isn't also yours? If you live in a community property state, your spouse's debt is your debt too unless it was acquired before you married. If your plan is for her to file BK separately and use her income only on the petition, I would talk to a lawyer (or several) sooner rather than later.

If you're filing jointly, I would wait six months from the balance transfer if at all possible. If you have no choice, I can tell you that we did $17,000 in balance transfers and filed BK about five months later with no creditor objections. We used our cards up until about three months before filing.

Good luck!

[liz417]

First, are you sure your "spouse's credit" isn't also yours? If you live in a community property state, your spouse's debt is your debt too unless it was acquired before you married. If your plan is for her to file BK separately and use her income only on the petition, I would talk to a lawyer (or several) sooner rather than later.

If you're filing jointly, I would wait six months from the balance transfer if at all possible. If you have no choice, I can tell you that we did $17,000 in balance transfers and filed BK about five months later with no creditor objections. We used our cards up until about three months before filing.

Good luck!

Wow, no objections? And here my attorney is worried about a few cash advances on my cc....

[james52]

No the credit is all hers. She is my girlfriend. I filed back in march and was discharged in july, all good.

She owed a good amount before we started dating and in the last couple of years we have paid some of it off and added some this last year due to buying a house and the economy going into the toilet. We are wanting to keep our house that is in her name and 1 car that is leased, and giving up one leased vehicle. We have not used any CC's for the last 5 months and made all payments on time, just can't hang on anymore.