Nine times out of ten, when I meet with a potential bankruptcy client, that individual will have credit card debts. In some cases, credit card debt can be startlingly large – I have seen many cases that include over $100,000 of credit card debt.
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Most bankruptcy lawyers will tell you that credit card contributes to most consumer bankruptcy case filings. Often, overwhelming credit card debt is the primary reason for a filing. For example, if you have $10,000 or more in credit card debt, and you send in only the minimum payment of 2% of the balance each month, you will need over 50 years to pay off your debt. You can run your own numbers using an on-line credit card interest calculator.
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My Bankruptcy Law Network colleague, Wendell Sherk, recently posted a very helpful case study about a case called In re Brumbaugh in Ohio involving credit card use prior to bankruptcy. Although Wendell's case study looks to 6th Circuit law (whereas cases filed in Georgia would look to 11th Circuit precedent), I think that the reasoning used by the judge in the Brumbaugh case can give you some insight as to how bankruptcy judges deal with real life situations.
More on Pre-Bankruptcy Balance Transfer – the Debtor Wins…This Time
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This morning, I received an email from a potential client who made a very bad decision that will likely keep him from filing Chapter 7 for six months to a year. Other than this one mistake, he is a clear Chapter 7 candidate:
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First, I think you have a very insightful blog about bankruptcy issues. I refer your blog to the bankruptcyforum.com sight to all the guest and members there. I’m just curious on your opinion to my following Bk Trip. I was working 2 full time jobs, making about 65g’s a year, I filed Bk13 (was in a no asset, unsecured cc debt/loans (unsecured) for about 65-70gs) My last cash advances were May 06 (minimal one for $500) in April 06 (big one for $4000-6000). Brief outline from the last cash advances to date of filing:
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Just when I thought I had seen it all, today's mail brought a credit card promotion called "Upfront Rewards" from a credit card issuing bank. The promotion offers immediate delivery of a Dell laptop if the applicant agrees to transfer an existing $5,000 balance and "maintain a minimum balance of $3,500 for at least 18 months. Should the balance fall below $3,500 then the card will be charged a flat $600 fee.
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I wanted to get an opinion on whether I can file or not. I spoke with another attorney
who stated that I needed to wait for awhile because I have recently used my credit cards.
I was hoping to get a second opinion from you as the sooner I can file, the better.
–Aaron
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