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  1. #1
    Join Date
    May 2008
    Posts
    5

    Default Bankruptcy And Debt

    My question involves bankruptcy in the state of: CA

    Sorry about the blank post, but I keep getting "bumped" out of this site after I write a long message. I'll try again.

    Questions:

    We are approx. $70,000 in debt, doubt that we will qualify for ch 7, maybe for ch 13. I am so nervous, what should I expect? Are the cc companies going to go through every transaction with a fine-tooth comb? I've been "juggling" credit cards and paying everyday expenses with them because I used our paychecks to keep everything current on the credit cards and mortgage. Will they think this is BK fraud?
    Also, I went to the IRS page to see our housing allowance and it's only 1650 but our mortgage is $2100 alone! Will the trustee take that into consideration? My husband commutes 120 miles to work (in a commuter car) and the fuel is about $400/month, will that be added to our "new budget?"

    Thank you for all you advice.
    Liz

  2. #2
    Join Date
    May 2008
    Posts
    5

    Default Re: Bankruptcy

    P.S. Tried to refi twice with two different lenders, but only have appox 20,000 equity in our home. Consumer Credit Consouling couldn't help and I've called Chase cc (our biggest balance) to try and work something out, but they couldn't help either.

    thanks

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Bankruptcy

    Your creditors will do what they choose to do. What transactions are you talking about?

    You should be able to get a free consultation with a bankruptcy lawyer.

  4. #4
    Join Date
    May 2008
    Posts
    5

    Default Re: Bankruptcy

    Using one credit card to pay for another and all the weekly household transactions.

    Liz

  5. #5
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Bankruptcy

    Credit card companies would likely challenge that as an improper preference (preferentially paying one creditor to the detriment of another).

  6. #6
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Bankruptcy And Debt

    You do need to talk to a bankruptcy attorney for advice & he can answer all your questions.

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