Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Anyone who knows anything about bankruptcy...

Ok, so I like most people in the country are being hit HARD with the economy going to shit! I owe so much more than what my house is worth, as I just bought it 2 years ago. The first winter was not bad, but this one has been worse and we just found out it needs A LOT of work. We dont want to deal with it anymore. It really isnt worth it! We bought it for $135K and need to put about $50K into it!!! We also cant afford anything anymore, so we like most are considering bankruptcy. I dont want to because my hubby has GREAT credit, but its that or my daughter doesnt eat, and i WONT let that happen! But I want to know what will happen if I put the remained balance of my car on a credit card, can they take my car if i wait a few months to pay it? I would do a cash advance so they wouldnt know what it is used for. Help please! or if you have other suggestions. Thanks Please dont judge I have to do whats best for my family.

 
Anonymous

Asked by Anonymous at 8:20 AM on Feb. 9, 2009 in Money & Work

This question is closed.
Answers (7)
  • I filed for bankruptcy in 2001, and was able to keep my home and my car. All credit card debts were erased. A few months after going to court and filing, I was getting credit card offers in the mail again. The bankruptcy will stay on your record for 10 years. I had thought it was 7.
    Anyway, sometimes you've gotta do what you've gotta do. I'm not proud of what I did, but the collectors breathing down my neck was really affecting me. Like I said, I was able to keep my home and my car. There's a certain way to file so you can do that. Again though, this was 2001 and I've heard that laws have changed a lot since then. You can probably schedule a consultation free of chrage with an attorney. But don't agree to anything until you have time to think about it. Goodluck.
    Anonymous

    Answer by Anonymous at 8:43 AM on Feb. 9, 2009

  • Well what you are suggesting in wrong and illegal about your car. With bankruptcy they usually have a program for your car that will lower the interest rate, payment and the loan will be what the car is worth, so I don't suggest doing that. I also wouldn't suggest filing for bankruptcy unless your debt in greater than 25,000 not including your home.

    Anonymous

    Answer by Anonymous at 9:14 AM on Feb. 9, 2009

  • We filed back in March 08, anything you do w/in 4 mos of filing can be considered fraud. i would not put my car on the credit card, anything you cont to make payments on you can keep, at least in my state. even if you waited longer than 4 mos to keep from paying for the car, I would still be afraid of fraud charges, jail time, etc. Be careful and honest. Get a good attny, they are worth the money.
    Anonymous

    Answer by Anonymous at 9:27 AM on Feb. 9, 2009

  • There are two kinds of bk for individuals, 7 and 13. 7 is where you declare no assets and give up everything. 13 is where the court basically puts you on a budget and you keep your car/house/etc and make monthly payments to the court. If you put the car on a credit card, the lein holder will not care - all they want is their money, however, your credit card company will probably go after you for fraud, and could get your credit card debt exempted from the bk, meaning they can still sue you outright for it. Check into a chapter 13 - that way you can keep your stuff, it just keeps your creditors from coming after you.
    NotPanicking

    Answer by NotPanicking at 9:35 AM on Feb. 9, 2009

  • I, am the same as poster #1. I was able to get credit cards within months of my bankruptcy. It has done nothing to interfere with my living conditions. I have gotten several cars and always places to rent. I would do what you have to.. I also kept my vehicle.
    Anonymous

    Answer by Anonymous at 9:57 AM on Feb. 9, 2009

  • The reason you get credit card offers after bk is because they know you cannot file bk again to get out of them. You have to wait years between filings, so you are guaranteed money for them. If you default, they can sue you and there is nothing you can do to get out of it.
    NotPanicking

    Answer by NotPanicking at 10:21 AM on Feb. 9, 2009

  • If your doing what I think you are it is fraud. If you take a cash advance (regardless of reason) they will not discharge you. Before the laws were in place that was a big red flag. Your creditors can fight your bankruptcy so don't jepordize it over the car. Depending on the amount it maybe a good idea to add that in and pile up cash to put towards a used car.

    You also have a means test to take to go through chap. 7. I would recommend finding a good attorney and finding out if you can file. Also check out daveramsey.com
    Anonymous

    Answer by Anonymous at 11:08 AM on Feb. 9, 2009

close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN