Feedback Needed and What To Do Next -- LONG
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Posted by All Things in North Carolina (66.61.2.211) on June 11, 2004 at 05:13:33:
Hello All: I've gotten some really great advice here and I'm back with an update and few questions. I'd appreciate any feedback on what I've done so far and next steps. I live in North Carolina and have gotten in WAY over my head to the tune of about 60K in credit card debt. Currently, everything is in OA and no judgements have been filed yet. I'm sure they will be. I make about 40K a year. Paycheck has been taken off direct deposit. About $25 in my checking account. I'm young and I've taken myself off the paid for house I owned with my mother and we've taken me off all of her checking/savings accounts. FYI: I put no money into the house/checking accts, it was just in joint ownership as my mom is a widow. I live with my mom. We're talking about quite a bit of money. I don't mean millions of dollars but about $400,000. I WILL NOT use my mother's money to pay my debt. She has bailed me out too many times. I don't mind paying cash for the rest of my life so BK is probably the best decision for me. I know I'm not judgement proof, but all I have in my name is my 98 Civic. I'm fairly certain I will want to declare bankruptcy at some point, especially once the judgements start coming in. Since I've only been off the house for a few months, I know I need to put this off as long as possible. Worst case scenario: My mom dies and I have to pay off my debt with some of her money. (Sounds harsh but mom and I have talked through this) Questions: In preparation for filing for BK in a year or so, what do I need to do. I know not to answer the phone!! Currently, I am still using my AMEX card as that never went into past due status. I pay everything off at the end of the month. I also have a paypal debit card that I load from my mother's checking account. In prep for BK in a year or so, must I stop using these CCs so it will look better for the judge. I especially have questions about the continuation of the Paypal card which is not listed on my CBR. My FICO is a glowing 505 at this point. ;-) I'm concerned about my salary at $40K. Do I need to have a paper trail showing that I pay my mother "rent" at $400 a month? Sorry so long--just trying to get the facts in. Once the judgements start coming in it may be time to see an attorney. Thanks for any feedback and advice. This board has been tremendously helpful to me. I hope to be able to help others with all these questions!
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