7 months prior: get life ins, increase + auto ins, buy car

[Moneypenny]

i am just trying to figure out how it works. i do want to move my equity loans away from the bank i also owe cc debt to, and we have two 10year plus cars with 120k plus mileage on them and we fear to be carless after bk. looking into things deeper made me realize my offspring are going to be broke if i die before bk, leading to life insurance, etc.

but i dont care if i am justified, just in what one can and cannot do. some things we can do that are, admittedly, not right or fair, while other things we are prohibited from doing even though they are right, reasonable, and fair. i need to know the limits in both cases.

also realized i have another problem: i got a big extra income check which wont fall within 6 months prior, but they took out a lot of taxes that i will get back shortly before bk. that sucks and i have to compensate for that.

MMP

[BkinTX]

Question: If you can afford all these lifestyle changes, are you sure bankruptcy is your best option?

[Moneypenny]

A new car is not a good idea? I thought it was okay for it to be new. That is the first time I heard that one. Are you sure that you are not supposed to buy a new car, and it has to be used?

I of course dont want raised eyebrows, but I can tolerate them as long as I get away with a ch7.

I will be doing all this tweaking all at once, but luckily can probably get it all down beyond 6 months from filing. Problem is it is all at once.

Anyone got any other ideas for extra expenses?

MMP

[bxphae]

What is your goal with this? esp. racking up a higher mortgage payment? To keep these items? Meet a higher debt-to-income? Isn't this considered fraud if you know you're filing in the first place? <----not accusing, just more curious and looking out for a fellow BK'r

[jribe]

just make sure the car is a reasonable price and probably not brand new.

On the other things- life insurance and auto is fine; wouldn't increase the cell phone plan. The cell phone can be viewed as a luxury and they may not allow the expense. *maybe*

But everything is fine. Obviously you're not going to go and tell the trustee you did all this because you're filing. People just re-evaluate their needs..

thanks! my question is if I rack up all these expenses before BK, is that going to result in a judgment against me? That is there might actually be something wrong with preplanning.

I would be buying a car, increasing auto insurance, taking out life ins, getting cellphone plans, possibly changing the number of deductions on my income to get more held back, and re-arranging my home equity loans so that I pay more per month, all about 6-7 months before filing.

I want to know if this will go badly for me....

thanks!

MMP

[Moneypenny]

thanks! my question is if I rack up all these expenses before BK, is that going to result in a judgment against me? That is there might actually be something wrong with preplanning.

I would be buying a car, increasing auto insurance, taking out life ins, getting cellphone plans, possibly changing the number of deductions on my income to get more held back, and re-arranging my home equity loans so that I pay more per month, all about 6-7 months before filing.

I want to know if this will go badly for me....

thanks!

MMP

[keepmine]

Nothing wrong with preplanning. It's wise to get your transportation needs taken care of prior to filing.

[Moneypenny]

i am under my state mean (CA, sacramento), however i am way off when i do sched j.

if i do a bunch of things 7-6 months prior to filing, is that real bad?

I can finance and buy a car, i can up my auto coverage plus the new car, i can take out life insurance, i can get a new cellphone plan, etc. I actually do need all this stuff but I dont want to be asked about it.

Will this all look bad? or even if it looks bad, will it matter? I realize the answer might depend but i am here on the forum to get some idea of what to do.

i really want a ch7

thanks,

mmp