Hello All!
I will be filing bankruptcy in July (change in income) and would like some advice on what to do regarding my accounts until then. I only plan to burn Lowes, NFCU ( 
) and Capital One. Maybe Barclay; my balance there is about $800. I have a balance at USAA of $2K which I'll be paying off in the next week (this has been "planned" - I misplaced my debit card and was using this card in its place; this is where I primarily bank). I currently have open accounts with 0 balance with AMEX, Discover, Nordstrom, and BBVA. Should I close these accounts now? Is there any benefit to that? Not that I plan to run them up or anything, just curious.
My car... financed with DCU @ 2.24%. I owe probabaly what its worth and it will be paid off in a year. Should I keep it?
Thank you in advance for all the replies!
I would keep the car.
I would close accounts after I hired an attorney but before I filed.
I would open a new checking account with a bank you owe nothing to also.
No chance of settling accounts for 30-60% of balances?
GL!
Thank you for your response. I have not thought about settling. I owe about 90k total, not including some old taxes I have been paying on...so I would rather just be done with it all. My husband's job will be ending in March, so we will lose a lot of income and I will be responsible for the household bills. I am filing without him, btw.
Typing this out is so depressing! Thankfully, I am 100% aware of *what* got me in this situation and will do everything to avoid it happening again.
If you can qualify for a chapter 7 and wipe all your debt, you def will be much better off both emotionally and physically.
I assume your husband has little to no debt?
Make sure you find a good BK lawyer that you are comfortable with.
There are a lot of pencil pushers with no talent or commitment out there.
See if you state supports "Tenancy by the Entirety"
(In certain states, married couples can hold property as a single marital entity in tenancy by the entirety. Depending on your state’s laws, if only one spouse files for bankruptcy individually, a tenancy by the entirety may be treated as exempt. Basically, they can't take anything that you both own.)
Good Luck! There is light at the end of the tunnel.
Yes, you're correct. He has about 10k, I think. I've spoken with four and like the last one the best I think. He spent a lot of time on the phone with me going over things. He sent over this 50 page document for me to fill out and I am feeling so overwhelmed.
I wish we lived in one of those states, unfortunately we don't. Depending on what they value the house at, I may have to pay a little bit.
I know there's a light...I am trying to get there. I will be so relieved when July 1 is here.