I've been following the thread "Maximizing CH 7" and our experience is eerily similar to enufs. I know I'll get bashed once this is posted but as long as I can get some answers and help, I can take it. Fire away at will after reading. I'll try and be brief.
We've had a big credit balance for many years but were always on top of it barring a few late payments, but nothing serious. Our total debt went up and down from $30K - $55K. We would rack it up with spending, eating out, and vacations and then pay it back down to around $30K with our bonuses and dilligent efforts to work overtime. My wife was laid off and we had another child and things added up fast. She even took out her pension and 401(k) totaling approx. $15K and paid it down again. We ran it up again. I finally got sick of it and thought about bankruptcy. I made the decision that if I'm going to go out, I'm going out in a bang. I thought I'd try to invest or gamble us out of debt. I took out some large cash advances but neither idea worked. I lost some in both. I then said if I'm was going to file, I was going to eek every cent out of it before going under. I had some large cards with 0 balances that I took about $20K off of. I then took everything available off the smaller cards and then transeferred their balances to the larger cards (they still had a lot of available credit, just none left for cash advances). I then went back to the small cards and repeated the process (many times). I ended up with about $40K cash. I also charged up the remainder of the available credit on all of the cards. In the end, we were left with around $90K. I spent some of the $40K on paying the minimums for about 6 months and then stopped paying. There have been no new charges or advances for 13 months. I spoke briefly on the phone with a bankruptcy attorney and he didn't seem to think it would be a big deal. He said CH 7 should be easy to do. I told him I was going to use gambling (Vegas, local sports betting, lottery) as the reason. What does everyone think? Will this be a quick and easy deal, or will the creditors actually show up or want more documentation?
We've had a big credit balance for many years but were always on top of it barring a few late payments, but nothing serious. Our total debt went up and down from $30K - $55K. We would rack it up with spending, eating out, and vacations and then pay it back down to around $30K with our bonuses and dilligent efforts to work overtime. My wife was laid off and we had another child and things added up fast. She even took out her pension and 401(k) totaling approx. $15K and paid it down again. We ran it up again. I finally got sick of it and thought about bankruptcy. I made the decision that if I'm going to go out, I'm going out in a bang. I thought I'd try to invest or gamble us out of debt. I took out some large cash advances but neither idea worked. I lost some in both. I then said if I'm was going to file, I was going to eek every cent out of it before going under. I had some large cards with 0 balances that I took about $20K off of. I then took everything available off the smaller cards and then transeferred their balances to the larger cards (they still had a lot of available credit, just none left for cash advances). I then went back to the small cards and repeated the process (many times). I ended up with about $40K cash. I also charged up the remainder of the available credit on all of the cards. In the end, we were left with around $90K. I spent some of the $40K on paying the minimums for about 6 months and then stopped paying. There have been no new charges or advances for 13 months. I spoke briefly on the phone with a bankruptcy attorney and he didn't seem to think it would be a big deal. He said CH 7 should be easy to do. I told him I was going to use gambling (Vegas, local sports betting, lottery) as the reason. What does everyone think? Will this be a quick and easy deal, or will the creditors actually show up or want more documentation?
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