I am about to file for a Chapter 7 bankruptcy, because I can not pay back what I borrowed already. If I do nothing will go into my IRA for this year, and my recent second mortgage and first mortgage on my Homestead Act protected home will continue to keep me in debt.
I still have a couple of hundred thousand dollars of unsecured credit card credit. Can I borrow from my credit cards to fund my annual IRA ($5,000.00) deposit and pay off most of the 1st ($80,000) and 2nd ($150,000) mortgages on my Homestead Act protected ($300,000) house, then wait 90 days to file without breaking any laws? I could probable wait up to a year, before filing, would this make any difference? Or do I have to stop borrowing today and file, because doing otherwise would be an abuse of the law?
I still have a couple of hundred thousand dollars of unsecured credit card credit. Can I borrow from my credit cards to fund my annual IRA ($5,000.00) deposit and pay off most of the 1st ($80,000) and 2nd ($150,000) mortgages on my Homestead Act protected ($300,000) house, then wait 90 days to file without breaking any laws? I could probable wait up to a year, before filing, would this make any difference? Or do I have to stop borrowing today and file, because doing otherwise would be an abuse of the law?
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