I-944 Credit Card Debt- what does that include?

[London88 9]

Hi Everyone, 

 

For Part 3, Q10 on the i-944 where it asks about liabilities and debt, what should be included for credit card debt? Does that include all credit card balances, or is it just outstanding payments? I use a number of credit cards, but have always paid them off in full every month, so trying to understand if I need to include current credit card balances in that section and provide credit card statements for the past 6 months? Or if that section is just for outstanding debt from unpaid credit cards. 

 

Thanks, 

Andrew

[GordonRamsey 22]

If you're fully paying off your balance every month, then don't include it, since you don't have any debt.

 

Debt is any money you owe, for instance if you had a $500 balance on your credit card and were only making minimum payments on it, that $500 would count as debt and you would need to print off a credit card statement and include it in the i-944.

[London88 9]

Perfect- thank you!

[GordonRamsey 22]

10 minutes ago, London88 said:

Perfect- thank you!

Happy to help!

The only case I can think of where it would matter is if you are choosing to apply using your assets in the I-944.

If you are reporting your assets, you would want to fully pay off your credit card balance prior to including your asset amounts in the form so that they are fully and accurately reflected to the present date, otherwise you would be including your unpaid monthly credit card balance as debt.

[igoyougoduke 1,656]

if you have 300$ recurring credit card payments than its not required but if you have a mortagge for 30 million than yes. 

[Sudip76 0]

I have a huge credit card debt but I am enrolled in a debt relief program and paying monthly. Will it hamper my form I944 and 485 

Edited October 3, 2020 by Sudip76