BANKRUPTCY QUESTION

HUDSON

HUDSON

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I have a friend going through a tough time right now financially and bankruptcy might have to be an option for him. I'm helping him with research and had a question about paying his credit cards. I read that you can't use your credit cards 90 days prior to filing bankruptcy, but needed to know during that time if you still are required to pay the minimum payments on the cards? His APR's got raised to 26% on one card and 29% on another because he was 3 days late back in May. That's what pretty much started this whole thing as his minimum payments more than doubled. Citibank is absolutely screwing him as they've declined every request to lower them down. He's been a customer for 14 years. Any advice on this would be greatly appreciated. Thanks!!!!!
 
77sticks

77sticks

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You do not need to make payments if you are filing bankruptcy.
 
vinnie

vinnie

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fuck the payments & max those babies out what hell belly up is belly up :sadwave: may as well get his money's worth :142smilie look what those fuckers at GM pulled :shrug:
 
B

bsucards

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Student loans are no longer dischargeable in any chapter of bankruptcy unless you can prove that repaying the loan creates an undue hardship on you or your family. Prior law allowed their discharge once they had been in pay status for 7 years. The law changed in the fall of 1998.

Proving hardship usually requires showing that you can't provide a minimum standard of living for yourself and your dependents if you have to repay the loan. Some courts will discharge part of the loan on a showing that repaying it all would be a hardship.

http://www.moranlaw.net/answerstudentloans.htm
 
Agent 0659

Agent 0659

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You errrrr your friend shouldn't make the payments, but if you go running a muck as Vinnie put it, the trustee will not accept your bankruptcy. Don't pay em but don't use them either.

Best of luck to you, I mean your friend.
 
GoTerps

GoTerps

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I have have been doing Bks for cleints recently and I can tell you be careful with unususal financial transactions even a year before filing. Definitely do not make any payments to anyone.
 
MadJack

MadJack

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BIG BIZ fucks over the whole world and for a little 5/6 figure BK you have to watch your step. fuckin world went nuts. :sadwave:
 
M

maverick2112

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With all the people going into bankruptcy the next few years I would tell your friend to not pay anything and dont worry about shit.......these bankruptcy trustee's are going to be so over whelmed that these probably will ahve to push shit through the system faster..........

I saw a stat where there is more people filing now due to the economy than were the last month before the new bankruptcy laws went into effect.....

With the big banks now charging 20 + % even on good customers..........this wiil lead to more people filing..........
 
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