i used my credit card alot this month how long do have to wait before i file banckrupcy whitout getting in to trouble
2007-10-21 08:48:07 · 4 answers · asked by evalles511 1 in Business & Finance ➔ Credit
If you are looking for a firm, safe answer, then 6 months.
If you file bankruptcy right after making a lot of credit purchases, I can guarantee that they will investigate you for fraud. They will look at:'
Charging pattern. Lets say you used the card a few times a month and only charge a couple hundred.....then a month before you file you run up a couple thousand...at the least max out your card. That will flag you.
They will look to see what you bought. If it was living expenses then you MAY not be hit with fraud, but your bankruptcy could still be dismissed.
If you bought luxury items, traveled, or other such nonsense, I can guarantee they will fight you.
Just be careful how you proceed with this.
2007-10-21 11:26:34 · answer #1 · answered by Anonymous · 3⤊ 0⤋
If your out charging up items on your credit card and are planning bankruptcy, I would say you will be in some sort of trouble. Sounds like stealing. Now if your finances are that bad where you are considering a bankruptcy stop charging, start using cash for everything you purchase. Call all your creditors, see if you can make arrangements to make smaller monthly payments see if that helps your situation. Unless there is no other way bankruptcy should be the last option.
2007-10-21 10:12:41 · answer #2 · answered by Excellent Credit Service 2 · 1⤊ 0⤋
"I used my credit card a lot this month."
That doesn't mean that you can file for bankruptcy. As long as you're under your limit then you are expected to be able to handle that debt. If you've done something totally irresponsible by overspendng the rest of your life and not being able to make your payments in a timely fashion, then you're going to pay a steep price in having defaults showing up on your credit report.
You only need to make the minimum monthly repayments on your card, usually 3% of the card's limit (or your spending). It would take more than spending big on your card for one month to go into bankruptcy. You'd be looking at having every debtor you owe knocking down your door via collections companies in order to rationally be able to declare bankruptcy.
By the way, bankruptcy IS trouble. So I suggest you curb your spending and get yourself back on track FAST. You'll just have to make your minimum monthly repayments and live with paying all that extra interest for awhile... and I hope you've learned your lesson!
2007-10-21 09:03:07 · answer #3 · answered by LJG 6 · 2⤊ 0⤋
If your finances are so bad that you are considering bankruptcy, the last thing you should be doing is shopping. If you do file, the trustee just might make you return all those major purchases. Or even more likely, they will take one look at all those charges and dismiss you bankruptcy.
Stop spending and get yourself on a budget and start paying off your debt.
2007-10-21 09:49:41 · answer #4 · answered by bdancer222 7 · 2⤊ 0⤋