So I have decided to declare chapter 7 bankruptcy. Please, I know the ramifications… I realize the after effects of making such a decision. I know it should be the last alternative.
That aside, I was wondering if you guys could help with a few questions I had.


All of my debt is in the form of credit card debt. Around $15,000 or so. I have 5 cards total and most of the debt was personal products and supplies for an ill fated business I tried to get off the ground. I make 9.00 an hour now and no way can I continue these payments… its just futile. I pass the means test easily.


My question is this though, I have some money left on several cards. Meaning I haven’t reached my limit on at least 3. A couple thousand I believe. If I am filing for chapter 7, and aside from the ethical assertions, would it not be prudent to use that money while I can? I mean, I am going to be free and clear irregardless by the end… why not take advantage of it. I have nothing they can take in form of assets to recoup(no house, no car).

Also, could I do a cash advance on the remaining funds? So I have cash to be used to pay a bankruptcy lawyer among other things. Again, if it’s all going to be washed what is the point of leaving it on there? I’m sorry but I simply lack compassion for the folks at Bank of America and Chase… believe it or not I think they are going to be just fine in the end.

I am not a lawyer this is only my opinion...

Well with only 15,000 in debt I would say it is not worth filing and destroying your credit even worse. You can contact those credit card companies and set up a payment plan you can afford.

You can do what ever you would like with the remainder of the balance on your credit cards. IT WILL NOT BE WIPED AWAY. With the new Bankruptcy Laws you have to pay it back anyway. They will garnish your wages. Believe they will get their money!

I also have to say I feel you are looking at this the wrong way. I mean these companies took your word that you would pay thus gave you credit on your name/word... You should pay. People have no respect even for themselves these days.

It is not like there is free money out there even for start up businesses that if they fail you don't have to pay back....

Compassion has nothing to do with it. What about self respect and morals?

Do what you would like after all it is your life and only my opinion.

Even still 15k is not worth screwing yourself up that bad and still oweing the money.....

So basically you have no clue what you are talking about then?

Do you know what chapter 7 is? Why even reply if you are so incredibly misinformed.

best of luck to you... Just trying to give a voice of reason.. Others on here might view you as a moooch trying to get what you can without paying for it. I do however apologize if you feel I am incredibly misinformed. Take care

I dont feel you are totally misinformed. you said it is was not wiped away, that they would get their money. Thats exactly the opposite of the truth. So it's more of a factual statement that you dont know what you are talking about.

If you don't want to be embarrassed in the future. Take the time to wiki Chapter 13 and Chapter 7. You might find it interesting and helpful.

Tommy,

Ignore markwallace, he has posed this question on other forums. He is either a troll causing trouble or just bypolar. If he is anything else, he is just trying to justify moral theft.

hi i am brand new here i have been in the credit/debt/collections field for a very long time & i can tell you that any charges you make within 90 of filing bankruptcy can be thrown out of court. also if it is shown that it was fraduelent sp?, you can have the whole bankrupty filing thrown out of court. best regards

As pointed out, 15K is hardly enough debt to go to this extreme.

That said, if you have a couple of thousand available on one or two cards, you probably can come up with enough to pay off one or even two of the other cards. With 15K over 5 cards, your average card has a $3,000 limit, therefor you probably have a couple of cards with 500 or $1000 limits. Pay those off, now you can afford the payments on the others. Start looking around for a job that pays better than $9/hour. There are plenty to be found. Take a second job if you must and add another 500-1000/month to your income and the card debt can be gone in a little more than a year.

Just remember, some things are gone in a minute, while other things will follow you an entire lifetime. This is a good example for all of us to take notice of when it comes to debt. No matter if it is $500 or $5,000,000 -debt will eventually get out of control if we are not actively focused and committed to a plan of debt elimination. It happens to the biggest of corporations, and to the most humble of retirees. Refinancing, or bankruptcy, neither one solves the problem alone. There must be a change in habits, attitude, and commitment, or the debt will return and the cycle is destined to repeat.

not to hijack the thread but without a degree or any real marketable experience what can i do making more than 9/hr while i go back to school?

Working for a landscaping crew would be one. If it is with the city you would even have benefits. Better yet, buy a lawn mower and a snowblower and sell services to those in your neighborhood. You could easily make $20/hour and have total control of your schedule for school. You could always deliver pizza and earn tips, that is pretty good money I hear. Be creative. If you control your own destiny, and your own job, you will defiantly earn more money.