Decided to File Chapter 7

[2bdebtfree]

Hi All,

I have decided to file chapter 7. I stupidly took out a cash advance on my cc the end of July. I know that I shouldn't have but I did. My husband is not working and had just got denied SSDI so I went into panic mode. We went to see a SSDI lawyer about representing him and she said he has a good chance so we hired her. Now just to wait for the appealed decision. If he were to get SSDI I would be paying the cc bills.

Since he got denied, I took out an $9000 cashadvance. I was in panic mode. Totally insane thinking I spent about $3500 of it on cc bills, daily expenses and did a few day trips so far. I spoke with two lawyers. They both said that I could pay a portion back and file in 3 months or wait 6 months for it to age.

My question is even if I pay what I have left back on the card, wouldn't it be a preferentiall payment? Wouldn't it be better just to wait the 6 months? for it to age?

I have stopped all usage of the credit cards. I'm doing cash only. Would it make sense to actually see a lawyer and give them all my paperwork or wait 3 months and then go? because I have to wait at least 3 months to file.

I am very humiliated about this and stressed about it and trying to focus of getting my life back in order.

I'm ready for bashing with the cash advance. lol I did it completed impulsively. Sometimes I don't think about the ramifications.

I can keep my house and my two cars. We don't have any other assets. My wedding rings. a 46" TV I bought maybe 3 years ago. My furniture is all hand me downs.

I've come to the fact of this and it's really set in how much of a mess I made. I guess time is my only friend now. I have 2 15 year olds and I know my mind is on finances and I need to push that out of my mind and be the mother to them I need to be.

I guess this does help a little writing it all down. Thanks for any suggestions to get through this without me ending up in the crazy house and answering my question about whether to pay what I have left for cash on the card and file in 3 months or wait 6 months.

Thanks again!

[newbie2]

Hi All,

I have decided to file chapter 7. I stupidly took out a cash advance on my cc the end of July. I know that I shouldn't have but I did. My husband is not working and had just got denied SSDI so I went into panic mode. We went to see a SSDI lawyer about representing him and she said he has a good chance so we hired her. Now just to wait for the appealed decision. If he were to get SSDI I would be paying the cc bills.

Since he got denied, I took out an $9000 cashadvance. I was in panic mode. Totally insane thinking I spent about $3500 of it on cc bills, daily expenses and did a few day trips so far. I spoke with two lawyers. They both said that I could pay a portion back and file in 3 months or wait 6 months for it to age.

My question is even if I pay what I have left back on the card, wouldn't it be a preferentiall payment? Wouldn't it be better just to wait the 6 months? for it to age?

I have stopped all usage of the credit cards. I'm doing cash only. Would it make sense to actually see a lawyer and give them all my paperwork or wait 3 months and then go? because I have to wait at least 3 months to file.

I am very humiliated about this and stressed about it and trying to focus of getting my life back in order.

I'm ready for bashing with the cash advance. lol I did it completed impulsively. Sometimes I don't think about the ramifications.

I can keep my house and my two cars. We don't have any other assets. My wedding rings. a 46" TV I bought maybe 3 years ago. My furniture is all hand me downs.

I've come to the fact of this and it's really set in how much of a mess I made. I guess time is my only friend now. I have 2 15 year olds and I know my mind is on finances and I need to push that out of my mind and be the mother to them I need to be.

I guess this does help a little writing it all down. Thanks for any suggestions to get through this without me ending up in the crazy house and answering my question about whether to pay what I have left for cash on the card and file in 3 months or wait 6 months.

Thanks again!

No bashing, but PLEASE shred every credit card you have in the house. You asked last month about cash advances and were advised to not do this. Please listen this time and also cut those blasted things up!

If I were in your shoes I would listen to the attorneys advice that was given to you, and wait to file. by not paying your credit cards every month you will have saved enough (hopefully) to pay your attorney in full and get a handle on your new cash only lifestyle.

It is such a large amount that you took as a cash advance that you may still have a problem with it being able to be discharged, but wait as long as you can before filing for a greater chance of success with this particular debt.

[ccsjoe]

I'd listen to the attorneys. They know what will be accepted in your district. One thing I've learned is that although there are legal guidelines and stipulations and rules, when it comes to the trustee a lot is subjective. The attorneys should know the trustees and what they will accept.

[2bdebtfree]

Thank you for your replies. It's gonna be a long at least 3 months. It will give me time to reavaluate my life and the way I do/did things. I'm going to try and use this as a lesson to my children. I probably won't tell them about the bankruptcy but maybe when they see me paying cash and looking for sales, and coupons hopefully they will learn how to save and use cash.

[ccsjoe]

It was a big transition for us (within 1 month) to switch to using strictly cash. At first it was unnerving, complicated, cumbersome even....and I mean using cash, not even check card since we were switching banks. Now, we've gotten so used to it that I even hesitate to use the check card and wonder if I should do an ATM withdrawal instead...lol. You get used to it fast, and it feels good to "afford" to live

[tobee43]

i would put as much distance between that LAST cc cash advance and your BK filing date as possible.

i know it seems like it's going to make a difference but you can hold out...i would at least another 9 months to file. that way there is no question at all.

[2bdebtfree]

Thank you tobe. I know the longer the better. It's just the waiting that will be hard. Maybe as the days go by it may get easier. I don't know. I'm going to aim for 6 months and hopefully get to 9. I have an appt with a lawyer on Friday. He wants me to bring my bank statements, paychecks and expenses. I told him about my cash advance. Don't know whether to keep it or just cancel it.

[tobee43]

we hired our atty...11 months before filing.... a good wayto delay the filing...

tell him or her ( the atty), you are soooooooo broke that you have to make monthly payments. (which is most likely the truth anyway).


that way you can tell your creditors you HAVE retained an atty, but you havn't completely pd in full. they will still call you etc...but our atty was excellent and told us if anyone calls even though, not paid in full, have them call the office. so we were just refer them to our atty.

we knew approx 2.5 yrs before. and just planned carefully...didn't charge etc...we just wanted to cover everything and were very mindful of anything that may arise.

[2bdebtfree]

Thank you for your story. So maybe I will keep the meeting with the attorney on Friday and see what he says with my financial papers. If I retain him then it would be easier to deal with the phone calls.

I have to remember it will be better when all said and done and to focus on the more important things in my life. My kids and my happiness.

Thank you