$29K Balance Transfer to Checking Account

[Mad]

10 months ago, I transferred $29K to my checking account to take advantage of a 1.9% apr promo for 9 months. About half of that went to pay off higher interest rate cards, some of the other amounts went to pay bills.

A couple of months ago, I made a $15K payment to the card(a portion of this was from the original $29K and some borrowed money)

If I file in 3 months, how bad will this look?

I didn't take the $29K and go on a spending spree and I did pay $15K of it back, which was literally everything penny I had at the time. I'm literally broke. I have about $7k in business assets, which I think are exempt. My business has gone under. I have no assets at all right now.


Note: In order to take advantage of low apr promos, I have made very large balance transfers to checking from this card in the past, $45K, and I paid it back.

Opinions?

[chrisdfw]

The longer you wait the better you'll probably be, but i think we all overestimate the chances of objections.

Just my guess. I worried about the same type of thing, transfers and all, totalling more than yours. But it was almost 18 months before i filed. YMMV

[Mad]

The longer you wait the better you'll probably be, but i think we all overestimate the chances of objections.

Just my guess. I worried about the same type of thing, transfers and all, totalling more than yours. But it was almost 18 months before i filed. YMMV

Would you recommend I wait a few more months? Should I try and pay the remaining amount that I transferred?

[catleg]

Don't sweat it too much. The cards made a business decision to offer that money and you took it, they gambled that you would either repay it (not their first preference) or that you would get buried and be unable to roll it over and they would have you trapped at high APR's until you eventually found some money to pay it off or you went bankrupt.

As long as you're honest with your lawyer and thr court everything will be fine.
At this point you really have to put your own interests first and if you're really broke and need to use that card to buy necessities so be it. You are not expected to go homeless, hungry, or without medical treatment if you have access to a credit card but you're uncertain how you are ever going to pay it.

[Mad]

Don't sweat it too much. The cards made a business decision to offer that money and you took it, they gambled that you would either repay it (not their first preference) or that you would get buried and be unable to roll it over and they would have you trapped at high APR's until you eventually found some money to pay it off or you went bankrupt.

As long as you're honest with your lawyer and thr court everything will be fine.
At this point you really have to put your own interests first and if you're really broke and need to use that card to buy necessities so be it. You are not expected to go homeless, hungry, or without medical treatment if you have access to a credit card but you're uncertain how you are ever going to pay it.

Would you recommend that I pay the remaining amount that I received from the cash advanced before filing?

[Intoodeep80]

Would you recommend that I pay the remaining amount that I received from the cash advanced before filing?

Ask your lawyer that question. They know best.

[Mad]

Ask your lawyer that question. They know best.

Obviously. I'm scheduled to see a couple lawyers in a few weeks. I'm just looking for some feedback from people who've gone through the process and can maybe shed some light.

[Intoodeep80]

Obviously. I'm scheduled to see a couple lawyers in a few weeks. I'm just looking for some feedback from people who've gone through the process and can maybe shed some light.

Ok I apologize .. I should have been more clear.

Before you do anything, move money around, pay an account - ask your Lawyer first.

Nothing wrong with seeking feedback, thats what brought me here too

[ready2puke]

Half of that money went back to them..so were really talking about 15k right? When you file in 3 months that debt will be over a year old by then...right?
Your golden doll!!! Wish I can say that...Is that the only debt you have? Looks like you've been paying them and there is no way they can object to fraud with that time line.
Def . see as many attorneys as you can and get all the free advice before making your decision but from what your saying here, my optinion (and I have to wait more time because of the same thing) is stop paying those cards and start saving money and then in 3 months file...

[Help!]

All I can tell you is that I took out about $25K on a B of A signature loan a year before I filed and my husband took out another for about $20K 9 months before we filed. There were no objections raised and when we applied we stated that this was for the purpose of debt consolidation. The way I see it, B of A looked at both of our credit reports, knew the extent of our debt and the risk they were taking and had nothing to base an objection on. We paid on these loans as long as we possibly could, and it was obvious from our struggles to stay afloat (such as cashing in a 401K loan) that we had every intention of paying the loans back.

[Mad]

Half of that money went back to them..so were really talking about 15k right? When you file in 3 months that debt will be over a year old by then...right?
Your golden doll!!! Wish I can say that...Is that the only debt you have? Looks like you've been paying them and there is no way they can object to fraud with that time line.
Def . see as many attorneys as you can and get all the free advice before making your decision but from what your saying here, my optinion (and I have to wait more time because of the same thing) is stop paying those cards and start saving money and then in 3 months file...

My wife has 35K, I have about $25K. I also have a business that is faltering, has about $7K worth of assets, however, I believe the $7k is exempt? Maybe?

[chrisdfw]

exemptions depend on what kind of property.

Just see an attorney before paying anything back or doing anything. It may be a preference to pay back the one creditor, and while they might not object now, perhaps them having to hand the money back over will possibly get their attention.

An attorney can advise you best. But I wouldn't sweat it. And paying back what will be discharged might be a waste of money at best.