Cash Advance and Stock market losses

[mmenz22779]

If one used cash advaces to put in the stock market and lost it (I can provide proof via statements) and keeps paying on those cards for six months are the chances of a "abuse arise"?

I did not purchase any luxery items or put it in my savings account, The fact is I won some lost some and this time it lost big.

I took out about $6000 of cash advances from 3 different cards over the course of 2 months.

Is the worst that can happen is they will offer a deal to me if they do object?

The intent was to make money and pay the cards back. Now i dont know if that will be possible.

thoughts?

All i can afford to pay upto is 6 months.

[BKOnce]

Treat it as "gambling" debts (just like playingcasino/slots)

[mmenz22779]

I forgot to say that the acconts are new? does this change anything?

[ready2puke]

Im in the same boat one of my cash advances was put into the market too..My sad story is I got greedy. I bought a bunch of Goog options and they nailed earnings. Not this last time but 3 quarters ago when the stock went up 90 bucks overnight, remember? Well within 3 weeks I took 3,500 made it into 80k and bam..lost it all ..No more for me. Really stupid but I do know how you feel
Anyway back to you....its still a cash advance and you need to wait it out at least 6 months, and if your paying on them for 6 months I think your fine. I could only pay on mine for 2 and 3 months and then I realized ....no more money

[TEW]

If one used cash advaces to put in the stock market and lost it (I can provide proof via statements) and keeps paying on those cards for six months are the chances of a "abuse arise"?

I did not purchase any luxery items or put it in my savings account, The fact is I won some lost some and this time it lost big.

I took out about $6000 of cash advances from 3 different cards over the course of 2 months.

Is the worst that can happen is they will offer a deal to me if they do object?

The intent was to make money and pay the cards back. Now i dont know if that will be possible.

thoughts?

All i can afford to pay upto is 6 months.

[mmenz22779]

Ready i also had 50k i made and decied to pay the currency market and the futures market, that was a big mistake, I went to bed and woke up and lost 95% of my account overnight.

Boy that was a bad week,.

At least with gambling lossess i can prove where the money went. And i have heard that unlike buying a TV, cash advances used for stock investing really has a hard time of being consired abuse as most people expect to win make their money back and pay off the creditors.

When i file my 2008 taxes the trusteee will see a loss of nearly 100k on my schedule D ( my schedule d in 2007 was nearly 80 pages (i did pretty well in 2007) and 70k of that was in 401k loans ( I KNOW STUPID BUT LIVE AND LEARN). the other 30k ws on credit cards, so nothing to hide. the 30k was taken out over the course of a couple of years and my credit card statement on some of those shows large payments as well as withdraws so it goes back and forth. Only recently (about 10k) of cash advances was used for the stock market and 4000 was used for personal things.

I am not worried about the trustee, clearly he can see from my past as well (previous tax returnes show large schedule D) that i did not use the money and go to hawaii or by a super big tv, he will see it went to the stock market, but i am a little worried that the credit card compies might object.

The longest i can wait is 6 months from this point then i will be forced to do Bk due to income and the means test

[mmenz22779]

TEW i have many many years of history (tax records) of heavy stock market investing ( i used to be a stock broker 10 years ago but the .com bust put my brokage company out of buisness and I went into computers.

Back to buisness,

for the past 3 years i have had to mail in my 1040 because my schedule d was just to big to file electorniclly.

I can show a long historical pattern of investing it is just a case of it finally caught up with me.