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  1. #1

    Default Purchase of Luxury Goods Before Bankruptcy

    We want to file for bankruptcy, I know we qualify for chapter 7 since my husband is the only one that works at the time(for the past 7 months) and we are below the median "test"(can't remember how it's called), we also dont have extra money after we pay rent,utilities,car and insurance. I live in Florida(just in case someone needs to know)

    We don't own nothing bc we've had to sell the little things we have so we can make it through. My question is...Yesterday my husband said he wants to file for BK bc he hasn't been able to pay the credit cards for the past 5 months(I'm currently ill and can't work), he has a Kays Jewelers card that had a $0 balance bc we never used it and my mom asked to borrow the card and she would pay it. So last week she charged almost 1500 bucks on it and I want to know if that will affect our BK case? I found this on the web and now I'm concerned

    Luxury Goods Not Dischargeable

    The amount of non-dischargeable debts incurred to purchase “luxury” goods has decreased. This means that if a debtor spends $500 or more on items that are deemed to be luxuries within ninety (90) days, those debts (if they are to a single debtor) are not dischargeable in bankruptcy and must be paid in full.


    She said she would pay and I believe her but can this afect a discharge? or should I tell her to return what she bought since Kays has a 90 day return policy.

    Also, what is my first step for bankruptcy...See a BK lawyer or take the credit counceling?

    Thanks!

  2. #2
    Join Date
    Sep 2005
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    Default Re: bankruptcy question

    You should talk to the lawyer first, as otherwise you may end up in the wrong credit counseling program (one not approved by the court).

    As for loaning out your credit cards and letting others run up debt before filing for bankruptcy protection? Bad, bad, bad idea.

  3. #3

    Default Re: Purchase of Luxury Goods Before Bankruptcy

    Thnx for the quick reply.

    I didn't know my husband wanted to file for BK, he always said he'd rather work twice as hard to pay bills, but it's been hard. My mom asked me to use the card back in Feb. when I was working but charged it now without asking me first.

    Thank You

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