2007-09-04 06:09:06 · 9 answers · asked by TRU 1 in Business & Finance ➔ Personal Finance
you cannot charge large amounts of money on credit cards or personal loans 90 days prior to filing. otherwise you will have to repay them...but if you do charge them up and wait a year then you can file a chapter 7 and wipe everything out. if you are single, with no children, and make less than $39,746.00 then you can file a chapter 7. Honetly, the laws have not changed all that much and the judge does not pull your credit report.
2007-09-04 10:04:55 · answer #1 · answered by Fun N Sun 4 · 0⤊ 0⤋
There is a law that says you cannot get credit immediatley after filing bankruptcy or your bankruptcy will not be discharged, it would be dismissed. And then you owe the money on everything, and you still cannot refile bankruptcy for 10 years. The laws are very strict and the judge pulls your credit report before declaring you bankrupt, so you can't hide it. To make matters worse, it is a legal proceeding and you are sworn in, so if you did something like that and lied about it you could be held in contempt of court.
2007-09-04 06:31:08 · answer #2 · answered by Anonymous · 0⤊ 2⤋
Don't take it out of 401K, that's your future retirement. Use the savings. You don't really need the "cushion" since in a worst case scenario you could always use your credit cards for cash (once they are paid off). Get rid of that debt however you can. You cannot move forward with interest rates that high on that much money. It will always drag you down.
2016-05-21 02:13:12 · answer #3 · answered by rosemary 3 · 0⤊ 0⤋
Aside from the tremendous headaches bankruptcy will entail for years to come in your life. The judge will probably, at the very least, require you to return or sell anything you charged to pay back this debt. He may also decide to throw a fraud/theft charge on top of the garbage heap. Even if you wriggle out from under the law somehow. The cc company will and debt collectors will hound you to your grave.
2007-09-04 06:34:43 · answer #4 · answered by Rob s 2 · 0⤊ 1⤋
I believe the judge takes a close look at credit lines opened right before you file bankruptcy. It's pretty likely you would get caught.
2007-09-04 06:48:27 · answer #5 · answered by bdancer222 7 · 1⤊ 1⤋
the laws have changed for filing bankruptcy, you won't get
any credit cards for a couple of years, and if you don't pay them AGAIN, you can't claim bankruptcy again. Which will
ruin your credit for more than just 7 to 10 years because
even if you let them go into collections, junk debt buyers,
will just keep selling them and selling them and it will all
be on your credit report
2007-09-04 06:18:27 · answer #6 · answered by Anonymous · 0⤊ 1⤋
I found interesting information about your answer & options here. (this article: Personal Bankruptcy, the myths and facts:)
http://all-debt-consolidation-loan.blogspot.com/2007/08/personal-bankruptcy.html Good luck!
2007-09-05 03:18:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The Judge will look at when you filed and the dates you started charging things up, then you could be stuck with it.
2007-09-04 06:13:58 · answer #8 · answered by cfb193 5 · 2⤊ 0⤋
Not to burst you bubble but those days are gone,
Due to people doing just that
you are still responsible for you debt even
after you declare bankrupcy if they can prove
you frudulaently racked up large bills.
2007-09-04 06:13:49 · answer #9 · answered by Fuzzybutt 7 · 0⤊ 1⤋