Not paying credit cards

[DaisysMom]

I see quite a few post that recommend not paying credit cards before BK. How soon should I stop? I am filing in late March or April so when should I stop paying? And if I do quit paying, how long does it usually take until they are filing legal action to recoup their loss?

I just don't want to have to deal with a lawsuit right before my BK. So the timing is important.

D...

[relief13035]

I'd stop paying now unless you have recently used the cards.

[okiemom2008]

I stopped paying November and am filing February.

[DaisysMom]

Double post OOPS.

[DaisysMom]

Does the same go for revolving loan accounts. I have an unsecured revolving loan with Beneficial that will be part of the BK. Just the minimum on that is over $200. From what I have read, they are very aggressive about getting their money and I won't have a stay until I file in probably April. Can they get a court action that fast?

And I haven't charged more than $20-$30 in the last couple of months. And that was for necessities, gas, food, etc.

D...

[ready2puke]

sounds like your ok, but you'll have to stop charging..I stopped paying in Sept and am filing in Feb.

[TEW]

Stop paying anything you don't want to keep and stop paying any unsecured debt.
I stopped paying 6 months before i filed

[magyar123]

Stop paying on CCs 2-3 months before filing. If one of those credit cards is with/through the bank that you have a checking/savings account with close that account - they mnight use the offset provision buried deep in your account terms disclosure paperwork. At the same time delete all online payment information that you might have set up with any other credit card company.

[DaisysMom]

Stop paying on CCs 2-3 months before filing. If one of those credit cards is with/through the bank that you have a checking/savings account with close that account - they might use the offset provision buried deep in your account terms disclosure paperwork. At the same time delete all online payment information that you might have set up with any other credit card company.

Magyan123.....Yes...I never thought of that. I have all of my accounts set up to pay them online at their sites. Just log in and click the payment. I will do that right away.

And actually, when I decide to quit will not be a problem.....I am so broke I can pay them this month beginning the 15th. So the decision was made for me.

And since I made this decision, I am sleeping better at night. I used to wake up in the middle of the night in a panic and with my mind racing. Spent many sleepless nights like that.

D...

[magyar123]

One more thing: After you close your current bank do not immediately go to a different bank to open another one. Skip tracing outfits might perform assett searches to locate other bank accounts, possibly run to court and get a default judgment against you which could result in your new bank account getting frozen/possibly robbed. Until your case is actually filed and are within the the automatic stay period I would advise against opening another bank account. If your pay gets automatically deposited get your employer to issue you paper checks, cash them, and pay any bills with money orders.