QUESTION
Does one have to wait 3 months after last payment to credit cards to apply for bankruptcy?
Asked on May 14th, 2012 on Bankruptcy - Florida
More details to this question:
I was told one has to wait 3 months after last payment to credit cards before one can file bankruptcy. Thank you
13 ANSWERS
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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There is no requirement of waiting 3 months after your last payment before filing bankruptcy. You even can be totally current and still file.
Answered on May 22nd, 2012 at 6:51 PM
That is false. However do not make more than regular monthly payments in the 6 months prior to filing.
Answered on May 22nd, 2012 at 5:56 PM
Information provided doesn't create an attorney/client privilege nor constitute an offer of services and is only general responses to hypotheticals
Bankruptcy Attorney serving Buford, GA
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Kenneth A. Parker, PC
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This is not true in the least. You do not have to wait 90 days after your last payment to file a bankruptcy. You can probably file now. Call a bankruptcy attorney to get factual answers and stop getting advice from uninformed people.
Answered on May 21st, 2012 at 5:08 PM
Divorce Attorney serving Fresno, CA
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Law Office of Dede J. Agrava
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No, you do not have to wait 90 days after paying on a credit card. There is so much bad information out there.
Answered on May 21st, 2012 at 12:01 PM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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Generally, the answer is no unless you have made more than a total of $600 in payments to any one creditor in the 90 days prior to filing bankruptcy. I suggest you discuss the specific details of your situation with a bankruptcy attorney.
Answered on May 18th, 2012 at 6:10 PM
Bankruptcy Chapter 7 Attorney serving San Diego, CA
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Law Office of Asaph Abrams
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What is stated below is not an applicable rule. With regard to payments on credit cards: Preferential payments, meaning significant payments made prepetition (before filing bankruptcy) within certain time frames, may present issues of discriminatory treatment of creditors that could merit redistribution of past payments. With regard to charges on credit cards: The particular nature of charges within 90 days prior to filing may effect a rebuttable presumption of fraud; however, that does not mean charges prior to the 90 days cannot be challenged. When bankruptcy's prepared right by specialized counsel, the materiality of such concerns is properly addressed to ensure the best result and allow for a stress-free and successful process. In short: seek counsel at present and do not risk various mistakes by waiting 3 months based on misinformation or partial information. This answer (by San Diego bankruptcy attorney, Asaph Abrams) doesn't address all facts & implications of the question; it's general info, not legal advice to be relied upon. It creates no attorney-client relationship; it may be pertinent to CA and/or its Southern District Bankruptcy Court only, and it's independent of other answers. It may be time sensitive, as in past the "Use by" date: laws and case law change.
Answered on May 18th, 2012 at 4:53 PM
No. However, it is a good idea to wait 90 days after the last payment of $200 or more. It is a better idea to wait 90 days after the last CHARGE. Payments to credit cards is not the issue. To understand the 90 day issue, it is important to understand why the inquiry is made. You are not supposed to be nicer to some creditors than to others (except you can pay your car note and house note preferentially). If you like a particular creditor better than others, you pay them off and leave the others hanging. That is not fair (at least bankruptcy law thinks it is not fair). You are supposed to treat all the creditors of the same class (meaning creditors who do not hold collateral) the same. So if you paid one creditor and not the others, the one who got paid has to cough it up and the trustee (not you) gets the money so it can be spread around to everyone. The 90 days is for everybody. for family members, it is one year. So, when you decide to file, stop all payments except to creditors who have collateral that you want to keep. If you can wait 90 days, wait 90 days.
Answered on May 18th, 2012 at 3:44 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Depends on how you used the credit card(s). It is best to talk to a competent bankruptcy attorney in your state in order to determine the best course of action. Most debtor attorneys offer free consultations, at least in Arizona.
Answered on May 18th, 2012 at 3:14 PM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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You are not required to wait 3 months from your last payment to file for bankruptcy. The issue raised by the payments is whether you favored one creditor over another, but that alone will not disqualify you from bankruptcy.
Answered on May 18th, 2012 at 2:57 PM
There is no requirement to wait 3 months for anything. However, any monies borrowed within 90 days of filing for bankruptcy will be considered non-dischargeable. In other words, you will have to pay the credit card bills for anything you CHARGED within 90 days of filing.
Answered on May 18th, 2012 at 2:30 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Generally, not. But sometimes it is necessary.
Answered on May 18th, 2012 at 2:18 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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No. You do not have to wait for 3 months after your last payment to a credit card company before filing bankruptcy. You can file the day after if you want. It generally takes an attorney at least a month to get all of the documents ready to file a bankruptcy. You must consult with a consumer credit counseling agency and get a certificate from them prior to filing.
Answered on May 18th, 2012 at 2:17 PM