The issue becomes one of timing (and where you got the money). Generally, if you paid off the credit card more than 90 days before filing the bankruptcy, no one is going to care unless it was a large sum of money or you borrowed money from one creditor to pay the other.

@bankruptcybailout oh okay, great! I should be good then. I appreciate the quick response. Very impressive! I'm subscribing.

How do you handle a gift of money that helped reduce debt but not eliminate it? IE someone who was given money to pay down a debt, but it just wasn't enough to avoid the inevitable bankruptcy. It was more than 90 days before filing, but is a decent sum: $18,000.

99% of the time, no. Could we come up with a scenario where it might be, probably. However, if we are talking about a normal spousal relationship, then the answer is no.

I am not following what you are saying. A bankruptcy will eliminate the back rent as a debt your owe, but it won't prevent eviction for having missed that rent.

The 10-year look period applies specifically to fraudulent transfer of assets. Given the time scale, it is very rare that anyone made such a transaction and have it be fraudulent. For example, let's say the debtor is a general construction contractor. He formed 2 LLC's, when for holding assets the other for operation. He gets sued and forms an 3rd LLC and transfers all the assets from holding LLC to this new LLC. The lawsuit resolves, but the contractor still made a fraudulent transfer (a transfer without receiving fair value to specifically avoid attachment by known claimants). The contractor files bankruptcy 9 years later. The bankruptcy trustee can pursue that 3rd LLC and recover those assets.

@@bankruptcybailout So anything fraudulent can be used against you even 10 years prior to the filing of a bankruptcy. Got it! And thank you for the example.

We are in NJ. No homestead exemption here .

Umm, yes.

For the most part that is true. After the 341 meeting, it is smooth sailing for most cases.