Will my discharge be opposed
March 4th, 2009 by Questions
My husband and I declared bankruptcy on February 24th (individually). This was decided as the best alternative after meeting with a Trustee in early February. In January I wrote an AMEX cheque in the amount of 8K and deposited into our joint account which at that time was in overdraft. I wrote the cheque as I had done before only in smaller amounts with the hopes that we could cover our bills. Shortly afterwards, my husband had a reduction in pay, creditors were reducing our limits and in some cases increasing our interest rates. I then received a letter from Amex saying that the account was under review and I was to stop using the card/account which I did. As I mentioned, we decided to go bankrupt on the 24th. My question is will I be required to repay the 8K or any of the other cash advances if they were written to pay minimum payments on other cards and to maintain our day to day living expenses? The credit card companies provide these cheques and say pay down a higher interest rate card, do a home renovation, go on a trip etc. etc. My Trustee was given 3 months worth of statements and never questioned any expenditures (I assume he reviewed them). Wouldn`t he have given me a heads up if he thought something was wrong. He seems to think that the bankruptcy will be over in nine months. I being someone of a pessimist have my doubts. I realize that I may be required to pay surplus payments up to 21 months but could it go past that. Will I be paying forever? Given our budget and the surplus payments we need to make my husband and I will just be getting by.
Posted from: Ontario
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