Has anyone filed with very high credit card debt?

[IamOld]

Best of good luck semispook!

[SemiSpook]

Well, I'm in a similar situation, but it sounds like the issue is relatively moot. What I find amusing is that even after a year of being off of CCs (and the $100k+ owed on the various cards), I'm still alive, and we're just getting into some judgements. However, as soon as I get paid this week, and send that copy of the stub to the lawyer, along with the small fee to stop all judgements against us, we're in the system for Ch7 (as of 1 July). It can't come soon enough.

[IamOld]

sue2 - are you talking about IRA WITHDRAWALS??? As far as I know (and others will correct me if I'm wrong) IRA's are EXEMPT assets. Now, WITHDRAWALS are, alas, counted as income...(I believe)

If you are talking about withdrawals, can you guys wait a few months for that to drop off your income average?

[sunshinepa]

If your going to file BK, why are you paying the cards? I would stop using my IRA to pay cards, it's a waste of money.

[sue2]

Iamold: What are you saying ? This extra money is going to put me into chapter 13 right ? Our normal retirement would pass the means test. But this IRA money is going to put me into a 13.

[IamOld]

I am trying to pay my credit cards out of my IRA. Now I find out that same money will be held against me during the six month time. I do own a home and do not want to
let it go.

I know others will jump in here, but IRA is generally EXEMPT!!!! from BK!!! So PLEASE PLEASE PLEASE try to talk to a bk atty BEFORE!! you do anything else!!!!!!!!!

[sue2]

I am trying to pay my credit cards out of my IRA. Now I find out that same money will be held against me during the six month time. I do own a home and do not want to
let it go.

[tobee43]

Right - but you know I've got to avoid that... :-)

i know you do. for some that's just not an option, i understand.

[IamOld]

Right - but you know I've got to avoid that... :-)

well, exactly my point. not only that, but when the bk is discharged and closed one can file a motion to vacate the judgement anyway. so let em at it, for all we cared at the time. frankly, because there was nothing else we could do. at some point, depending on one's situation, it just IS ufortuately, what it is. also, by that time since our income came from exempt income.

[tobee43]

SOmetimes that's what I think I may have to do...but I really can't afford it :-)

Why would owning a home make them sue faster? So they can a put a lien on the house? Even if it's underwater? So be it...

well, exactly my point. not only that, but when the bk is discharged and closed one can file a motion to vacate the judgement anyway. so let em at it, for all we cared at the time. frankly, because there was nothing else we could do. at some point, depending on one's situation, it just IS ufortuately, what it is. also, by that time since our income came from exempt income.

[IamOld]

SOmetimes that's what I think I may have to do...but I really can't afford it :-)

Why would owning a home make them sue faster? So they can a put a lien on the house? Even if it's underwater? So be it...

well, we left the state with no forwarding address, no phone number, there was really no way they could reach us...and since the house was in foreclosure, the best anyone of the creditors could have done is put a lien against that property...however, if they attempted to serve us, the house was vacated. so even if they won by default...where and who would that go to. had they put and gotten a judgment against us, and put the lien on the house, we would have just done an order to vacate the judgment after the bk discharge.

also, actually, we paid many of the credit cards up until the 90 day period via the computer to keep them at bay the best we could. although there were a couple of awful ones we just skipped.

wow...6 months, that was quick!

[tobee43]

You were lucky. I think now they are suing faster than ever, especially if you own a home. I got hit at 6 mos. by Citi, the others were no far behind. i still see a few who have not been sued, but I don't think that's the norm these days.

well, we left the state with no forwarding address, no phone number, there was really no way they could reach us...and since the house was in foreclosure, the best anyone of the creditors could have done is put a lien against that property...however, if they attempted to serve us, the house was vacated. so even if they won by default...where and who would that go to. had they put and gotten a judgment against us, and put the lien on the house, we would have just done an order to vacate the judgment after the bk discharge.

also, actually, we paid many of the credit cards up until the 90 day period via the computer to keep them at bay the best we could. although there were a couple of awful ones we just skipped.

wow...6 months, that was quick!

[sunshinepa]

we waited over 2 years without a problem.

You were lucky. I think now they are suing faster than ever, especially if you own a home. I got hit at 6 mos. by Citi, the others were no far behind. i still see a few who have not been sued, but I don't think that's the norm these days.

[tobee43]

we waited over 2 years without a problem.

[sue2]

Did have a problem waiting so long to file ?