I have over 50k in debt and thinking about Chapter 7. Already spoke to an Attorney and at this time just waiting for me to make my decision. My question is on the 2008 Federal Income Return I recieved.
I got 2k which I have put aside. I dont know what to do with it just yet. But a situation came up. I thought about using the 2k to hire the attorney and file chapter 7 to clear up everything as soon as possible and start fresh.
But my parents are buying a residence and have asked me to loan them the money for the meantime if possible. i have read this isn't a good idea because if I lend it to them and file chap 7 it can show up and either affect my bankruptcy filing or have them go after my parents for the money. The only thing I can think of is waiting for another year before I file.
I heard courts usually look back a year for money that was lent out. I figured the 2k used to pay for the attorney wouldnt come up suspicious but giving it out to someone else would. Any advice on this?
i would like to file chap 7 this summer and start rebuiding my credit asap. But I would hate to wait a year to file and have judgements put against me by creditors. I would like some advice on what to do. Thanks!
What if the money was lend out and repaid back..then used to pay the attorney? Would that suffice?