S
supergivingmom
Guest
What is the name of your state? Illinois
I was referred to you by Observer from Card Report.
I am 61, hoping to retire by age 66. I am deep in debt from helping mentally ill, adult daughter. (She can't get SSD and is doing better but still needs help.) Therefore, I am not ready to file BK yet. My credit is excellent, I am not past due on anything but....using cc's each month to keep it this way. BK may be inevitable but need to delay for awhile. I can't begin to tell you how stressed I am.
Thank you in advance for comments, advice, feedback. I've been reading these threads for several days and see that they are a lifesaver for many.
Assets:
$12,000 in 401K
Plus 4,000 in 401K when I finish paying loan ($122 mo.)
Varied household items (no great value)
New computer, chgd and paid off in past 3 mos. (pd with
rebates and amended tax refund due to being HOH when
she lived with me in '02. (She is teaching school and
needed computer so I bought one for me and she is using
as needed.)
Debts:
Car 25 pymts at $320 per mo. (KBB trade value $5055)
Student Loan $4200 (Deferred till 4/'04, then $114 mo.)
Eight CC's Total balance $18,000 Pymts per mo. $400
Above mentioned 401K Loan (payroll deducted)
Income: Gross $2500 Net $1900 after all deductions
Through an expense calculator, I can definitely list my expenses, rent, etc. and all others expenses, including car payment, medications, etc. easily within the $100 or zero margin I have seen in these threads. I will list them if you so desire. Trying to save space now.
Last week, I filled out paperwork to withdraw $2800 from my 401K ($12,000 value above is after such withdrawal). I will h ave $2400 after the tax penalty of 20%. Stupid move but I felt desperate. I also might have a Christmas bonus (around $500) and have a small savings of $500. I will use all to help my daughter further, do car repairs, a little for Christmas and pay off some of the smaller debts I have.
Questions are:
1) IF I must file eventually, which? Ch. 7 or 13 I want to keep car.
2) What about 2 CC's I opened within last 2 mos. with low interest and did balance transfers (total of $4000)?
3) What about cash advances of $2000 on my Credit Union charge account (within last three mos.) ?
4) If I use my Discover card with zero balance and $7000 available to do more transfers, what will happen if I must file BK later (April or early summer)?
5) Can I keep my car? Probably my last, once I retire, won't be able to buy another very easily. good car, actually, if I take care of it, will get another 100,000 miles from it---maybe.
6) What about "preferential" payments? Will above transfers, cash advances, shuffling, be seen as fradulent?
7) I have 4 store CC's and 2 other CC's with zero balances. I won't charge on them but will they be closed on me if I file BK. Not that I need them all, just curious.
8) If I can't continue to hold it together, how long should I wait till I file BK?
Thank you so much for your input. Sorry for the length of this.
toogiving super giving mom
I was referred to you by Observer from Card Report.
I am 61, hoping to retire by age 66. I am deep in debt from helping mentally ill, adult daughter. (She can't get SSD and is doing better but still needs help.) Therefore, I am not ready to file BK yet. My credit is excellent, I am not past due on anything but....using cc's each month to keep it this way. BK may be inevitable but need to delay for awhile. I can't begin to tell you how stressed I am.
Thank you in advance for comments, advice, feedback. I've been reading these threads for several days and see that they are a lifesaver for many.
Assets:
$12,000 in 401K
Plus 4,000 in 401K when I finish paying loan ($122 mo.)
Varied household items (no great value)
New computer, chgd and paid off in past 3 mos. (pd with
rebates and amended tax refund due to being HOH when
she lived with me in '02. (She is teaching school and
needed computer so I bought one for me and she is using
as needed.)
Debts:
Car 25 pymts at $320 per mo. (KBB trade value $5055)
Student Loan $4200 (Deferred till 4/'04, then $114 mo.)
Eight CC's Total balance $18,000 Pymts per mo. $400
Above mentioned 401K Loan (payroll deducted)
Income: Gross $2500 Net $1900 after all deductions
Through an expense calculator, I can definitely list my expenses, rent, etc. and all others expenses, including car payment, medications, etc. easily within the $100 or zero margin I have seen in these threads. I will list them if you so desire. Trying to save space now.
Last week, I filled out paperwork to withdraw $2800 from my 401K ($12,000 value above is after such withdrawal). I will h ave $2400 after the tax penalty of 20%. Stupid move but I felt desperate. I also might have a Christmas bonus (around $500) and have a small savings of $500. I will use all to help my daughter further, do car repairs, a little for Christmas and pay off some of the smaller debts I have.
Questions are:
1) IF I must file eventually, which? Ch. 7 or 13 I want to keep car.
2) What about 2 CC's I opened within last 2 mos. with low interest and did balance transfers (total of $4000)?
3) What about cash advances of $2000 on my Credit Union charge account (within last three mos.) ?
4) If I use my Discover card with zero balance and $7000 available to do more transfers, what will happen if I must file BK later (April or early summer)?
5) Can I keep my car? Probably my last, once I retire, won't be able to buy another very easily. good car, actually, if I take care of it, will get another 100,000 miles from it---maybe.
6) What about "preferential" payments? Will above transfers, cash advances, shuffling, be seen as fradulent?
7) I have 4 store CC's and 2 other CC's with zero balances. I won't charge on them but will they be closed on me if I file BK. Not that I need them all, just curious.
8) If I can't continue to hold it together, how long should I wait till I file BK?
Thank you so much for your input. Sorry for the length of this.
toogiving super giving mom