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BK and preference payments
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Posted by anon
(12.92.27.245) on October 29, 2002 at 15:50:55:
My husband and I have been struggling to pay our bills for years now. I have considered filing chapter 7. My husband cannot be a part of it because it would harm his career. most of the credit we have is in my name alone. We have one card held jointly with a 9000 balance. The interest rate is 18%. I was recently offered to transfer balances to a credit card that is in my name only at a rate of 7%. There is enough room to fit the entire balance. This would be helpful if we didn't file. If I did file though, would the transfer count as a preference payment to my card? What are the implications of that exactly? I'm concerned about the credit card I transfer it too also. Is the worst that could happen be that they are not included in the BK? I am still current on all of my bills, but my credit bills keep growing higher because of it. My husband is in a potentially lucrative career and we are hopeful to be able to pay, but because he works solely on commission it can also be a dead broke career. I live in Florida.
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