Credit Card charges

[Gizmo2002]

What is the name of your state? CA

Is it true the credit charges over $1000 made within 60 days before filing Bk need to be pay back? Is the cash advances? What if you have brunch of charge that are under $1000 within 60 days before filing?

 

[racer72]

Any charges made 60 days prior to filing and cash advances made one year prior to filing can be made exempt from being discharged by the bankruptcy court. That includes any amount, not just over $1000. That is why most BK lawyers advise waiting 60 days after the last use of any credit cards before filing.

 

[Gizmo2002]

Thanks.

In California 75% of the income is exempt. What if you can not live off the 75% of your income? If you still have mortgage to pay and car payment to make. How long do they take 25% of your income?

 

[racer72]

What kind of bankruptcy are you talking about?

 

[Gizmo2002]

Chapter 7