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Recent Credit Card Debt and Bankruptcy

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  • 03-04-2009, 03:34 PM
    hanta
    Recent Credit Card Debt and Bankruptcy
    My question involves bankruptcy in the state of: Georgia

    I have recently accumulated over $45,000 in Credit card debt in the last 3 months. and my credit card debt is now @ 120K. In 2007 I settled all my debts and now I am back at it again, I had no Credit Card Debt and almost 150K in savings. I invested all in Stocks, and lost badly last year. To cover my margin calls, I used credit card debt to cover the stocks margin calls. So CC debt involves, cash advances etc..

    Now I almost lost all in the stock market and have only 15K in liquidable cash from the stocks.

    What aremy options in Bankruptcy, and will Chapter 7 work for me? Will I be able to negotiate under chapter 13 to pay 30% of debt etc..

    My Total income is 78K and I have 6 Dependents. I own a house an dthe mortagage owned i way above the value of the house.

    Between paying mortgage and family, I can berely make the CC payments.

    Whats my options!!! Bad money moanagement from my side brought this onto me!!!
  • 03-04-2009, 08:24 PM
    OhMy
    Re: Recent Credit Card Debt and Bankruptcy
    The problem here is that recent credit card charges ($45,000) prior to going through a bankruptcy can be considered fraud and or may not be discharged in a BK.

    You need to speak to a BK lawyer. This site can put you in touch with one in your area. It is never good to file a bankruptcy with recent credit card charges as it is always looked at as fraud.
  • 03-04-2009, 10:23 PM
    junker
    Re: Recent Credit Card Debt and Bankruptcy
    although it was many years ago, i once took a 3000 personal loan, and made one payment, and then filed bk, the attorney at the time, said i did make attempt to repay, and had no problem in bk. so i would think depending on the quality of attorney you find, you might sail through bk.
  • 03-05-2009, 12:04 AM
    Betty3
    Re: Recent Credit Card Debt and Bankruptcy
    You do need to talk to a bankruptcy attorney.

    Also, there is quite a bit of difference in your $45,000 credit card debt & a $3,000 loan. $45,000 was a lot to charge so recent to filing for bankruptcy.
  • 03-05-2009, 12:58 AM
    aardvarc
    Re: Recent Credit Card Debt and Bankruptcy
    Particularly when the bankruptcy trustee understands that the speculative nature of margin calls makes this form of trading (as opposed to INVESTING) a glorified form of gambling.
  • 03-05-2009, 11:30 AM
    junker
    Re: Recent Credit Card Debt and Bankruptcy
    i have heard the word INTENT so many times here, did you have the intent to file bk?? to defraud the cc.s ... if your investments tanked?? you were investing right.when you were borrowing the money for investements, you didnt have the INTENT to file bk. thats the most important statement you can make,,,, i think a GOOD bk lawyer would get you through this, also 3k many years ago was almost like 45k now, so no big difference there. i INVEST in the florida dog tracks everyday. thats not gambling, its INVESTING, and i think i do as well as most INVESTORS today.
  • 03-05-2009, 12:17 PM
    aaron
    Re: Recent Credit Card Debt and Bankruptcy
    Intent is inferred from the facts. Nobody can crawl into a debtor's mind and objectively determine "intent", and creditors don't much care what the debtor says about his innocent intentions if the facts suggest something else.
  • 03-05-2009, 12:33 PM
    junker
    Re: Recent Credit Card Debt and Bankruptcy
    it seems INTENT would be a very very hard thing to prove, naturally the creditors would TRY and use this, it would seem that unless the op told someone months BEFORE he went bust that his plan was to file bk if he lost, it would be un provable, doesnt the judge want to see some sort of evidence of fraud or intent?? other than a creditors claim of this? unless you leave some sort of evidence or trail i dont see HOW it could be proven. like i said earlier a GOOD bk wouldnt have a problem with this.imo
  • 03-05-2009, 12:42 PM
    OhMy
    Re: Recent Credit Card Debt and Bankruptcy
    Quote:

    Quoting junker
    View Post
    it seems INTENT would be a very very hard thing to prove, naturally the creditors would TRY and use this, it would seem that unless the op told someone months BEFORE he went bust that his plan was to file bk if he lost, it would be un provable, doesnt the judge want to see some sort of evidence of fraud or intent?? other than a creditors claim of this? unless you leave some sort of evidence or trail i dont see HOW it could be proven. like i said earlier a GOOD bk wouldnt have a problem with this.imo

    FRAUD is obvious. If you put $45,000 on your credit cards a few months before going to bankruptcy court you can be sure you will end up in federal prison.

    As far as your $3000 being $45,000 in todays numbers I doubt that is the case unless you did your BK in the mid 1970's

    I have no idea why you are telling someone that is OK to go put $45,000 on his credit cards and then go to bankruptcy court. Unless you think it is interesting to watch the poster sent to the joint for 20 years.

    You must think that he US attorneys are either stupid or are just not interested in this type of fraud. You care very much WRONG.
  • 03-05-2009, 03:58 PM
    junker
    Re: Recent Credit Card Debt and Bankruptcy
    ohmy, you are the one scaring people, give me a break, federal prison?? the op did nothing wrong, does his cc disclosure say he cant advance and invest it?although if he could have made a couple more payments would have been better.... proving INTENT, is like proving or disproving a back injury or whiplash,its almost impossible.... and believe me i know about them, i have been in 4 rear ender accidents on the great los angeles freeway system,which helped my early retirement, my lawyers sent me to doctors that specialize in "back injurys" if the op has any problem it would be temporary insanity, for investing now. isnt stock market 101, buy low-sell high. and buying on margin when market is swinging like that, come on. tell bk attorney to claim temp insanity. my other problem with the op is he lives in ga. which along with northeast florida, is notorious for being ultra right wing conservative, he wont get the same fairness he would get in california, which is the most liberal state in the union. and yes i filed bk twice, once in 1971 and in 1982, so 3k then was worth a lot more, and i pushed the envelope on both bk.s and had noo problems, the only reason i havent filed 3 more times is i learned how to make myself judgement proof, and so far havent had the need to file again. i would hope the op will update us when he sees a bk lawyer, as you are soooo wrong on the intent issue....
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