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Posted On: March 4, 2010 by Scott Sagaria

Credit Card Usage Prior to Filing for Bankruptcy

Sacramento Bankruptcy Attorney Discusses Credit Card Usage Prior to Filing for Bankruptcy

With the state of the economy and the unemployment rate at record levels, relying on credit cards for all purchases has become a way of life for many Americans. However, individuals planning to file for Chapter 7 bankruptcy must be extremely conscious of their credit card usage as such usage pre-filing may be deemed unreasonable and fraudulent, thereby jeopardizing their entire bankruptcy filing. Anyone who has decided to file for bankruptcy or has hired an attorney to do so should immediately stop using their credit cards.

The natural inclination for many people planning to file for bankruptcy is to max out their credit cards before filing. However, doing so is highly discouraged as creditors will review all transactions on your account typically for at least a year prior to your bankruptcy filing. If the creditor considers your spending behavior abusive, it may challenge your right to discharge some or all of the debt incurred. This not only complicates your bankruptcy filing but also places your entire filing at risk, which ultimately is a far worse scenario. Thus with all pre-filing credit card usage, it is important to keep in mind the reasonableness standard which is the standpoint all such transactions will be viewed from by the creditors upon filing for bankruptcy.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

Posted by Scott Sagaria | | Email This Post | Comments (0)

Posted In: Chapter 11 Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Consumers in Debt

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