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  1. #1
    Join Date
    Mar 2009
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    1

    Red face 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!!!

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default 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.

  3. #3
    Join Date
    Nov 2007
    Posts
    127

    Default 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.

  4. #4
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default 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.

  5. #5

    Default 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.

  6. #6
    Join Date
    Nov 2007
    Posts
    127

    Default 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.

  7. #7
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Recent Credit Card Debt and Bankruptcy

    It is my job to put people into federal prison who break the law. Why you would tell someone to break the law is again beyond what we are here to do.

    I am a criminal investigator for the federal government. I guess you never read my profile on here. I have put many of people into the federal prison system along of course with the system that makes this all work.

    The purpose of these forums is to give accurate information to people who ask for it. You gave the complete WRONG information.

    I have yet to see Betty3 make an error in judgment and I guess you did not read what aaron posted or you just dont care.

    OK, nuff said.

  8. #8
    Join Date
    Nov 2007
    Posts
    127

    Default Re: Recent Credit Card Debt and Bankruptcy

    i am only giving MY opinion to the op, you on the other hand, have tried and convicted him already, i re read my posts, and i dont see anything where i suggested anything illegal. i thought the purpose of the forum was to give advice but from different views, you are basically saying, hey, you advanced 45k, tried to invest it, now you want to declare bk,, so you are guilty of fraud???? gimme a break, you guys cant even get Madoff in jail. apparantly your view seems to be the only one acceptable. i still think you are WAY off on you judgement of this person, hopefully he will seek a competent bk attorney, and prove you wrong, although i almost always disagree with them, i totally respect aaron, and bettys opinions. although aaron does remove a lot of my posts. just as yours is a opinion,..... mine is also just a opinion

  9. #9
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: Recent Credit Card Debt and Bankruptcy

    aaron does not seem to remove any of my posts, I guess that says it all

  10. #10
    Join Date
    Nov 2007
    Posts
    127

    Default Re: Recent Credit Card Debt and Bankruptcy

    for the op, i can imagine after reading all the posts you might have questions about fraud. read the following. and dont be swayed by ohmy.....he is WRONG

    Credit/debit card fraud is committed when one person 1) fraudulently obtains, takes, signs, uses, sells, buys, or forges someone else's credit or debit card or card information; 2) uses his or her own card with the knowledge that it is revoked or expired or that the account lacks enough money to pay for the items charged; and 3) sells goods or services to someone else with knowledge that the credit or debit card being used was illegally obtained or is being used without authorization

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