Bankruptcy timing -wait 90 days before filing?

[Anonymous]

Hello,

I spoke ti a lawyer about my debt told him my home is about to foreclose and I have over 80k in debt of which half has been recent since I had to repurchase alot of things from scratch furniture, clothes, household items ects . I had no intent in filing for BK until Friday. I actually wanted to do consumer credit counseling but the lawyer said with my debt and income its best to file chapter 7 as soon as possible. He said the sooner the better, I am scared though he said I had nothing to worry about but cash advances I must wait 90 days till filing. I was reading online that any purchases made 90 days or prior to the BK would not be dischargeable and I would like to wait another 45 days until the last purchase was made just to be on the safe side.

Does this mean if I file soon any purchases within 90 days would be reaffirmed or would my case be thrown out all together, what if I reaffirm certain cards before going into bk?? Lawyer said not to make payments anymore if I plan to file. ( which I cannot afford to make anyways)

Any help or pointers would really help thanks guys!!!

[granny031350]

It depends on what chapter of bk you are filing.  If a chapter 7 then you want to put as much time between the use of the credit card and your filing.  90 days would be a MINIMUM amount of time to wait.  I would make a couple of payment (if you haven't already) just as good faith.  And I would cut up everything right now and start using cash to live on. 

If you are filing a chapter 13, you could probably file right away.  In a chapter 13, the creditors file claims and they get paid per your plan so they rarely object for recent usage since they are getting some money back etc.

Ask your attorney or if you haven't found one yet, then call around for free consults.

If a creditor objects, then only his debt would be considered not dischargeable, not the whole BK unless fraud was involved.

Message Edited by granny031350 on 07-31-2008 07:34 PM

[Anonymous]

Planning on ch 7 Thanks so much for your advice. I will wait at least 90 days from my last credit card purchase. I cannot afford all of my credit card payments two are are around the $500-800 mark but I pay the small ones I could afford. Thanks again, any additional feedback and comments are greatly appreciated

Message Edited by Cuteblossom on 08-03-2008 01:12 AM

[granny031350]

don't pay anything except essentials.  No more credit card payments before you file.