Cash Advances - how much is too much?

[enin]

BTW,
This is sheer stupidity, sorry.
"Have you ever thought what it may be like to live in a jail cell? Do you know how hard your life will be with a criminal record?"

[fltoo]

There are multiple threads here about this topic. I found it amusing how the "don't judge me crowd" starting spewing fire and brimstone responding to the OP's question. It is probably due to how the question was asked.

But, yes, the "you are going to jail" statement was good for a laugh.

Time and making some payments is the healer of all cash advances and bal transfers.

Again, I am not advocating committing fraud, but quelle est la difference?

[OhioFiler]

fltoo is correct (as always). Most people who take cash out of credit cards have no idea how they'll ever pay them back and I suspect in many cases lack the intention. They simply hope another bank will come along with a better offer and do a few balance transfers buying time while waiting for their boss to offer them a 200% pay increase retroactive to the prior year.

The OP has made the mistake of studying the BK process before he actually did the transactions that many many on here have done before him. Now he is forced to convince himself he is not really going to file BK and that borrowing against his credit cards is a means to his financial crisis end. Once accomplished he'll be just like so many others here.

[ready2puke]

Geezie Louisie...your all freaking me out here.. I think the OP knows he shouldn't do this, but I also think there all tons of us (me included) that did BT to pay off other cc's for 0% with NO intention of committing fraud or even doing the BK thing.
For what ever reason sh-t happens, with me my bus is tanking and barely breaking even with paying rent and utilities and such.
I have several large BT's and only made 3 payments. Credit history with these cc's has been 10-20 years. Try to prove fraud good luck...
Last Aug. last payment realized...OMG there is no more money left after this...thats when BK entered my mind.
Now I wait...June will be a year since my last BT and then I file. Scared to death still..but have no choice. My 780 fico score is sh-t and I have to deal with that, but my choices got me into this mess..no one to blame. So please God let me get this done and start my life over even at age 59....
Also when a poster post such stuff, please don't lump us all in the same boat...

[OhioFiler]

If you are already insolvent, which it sounds like you are.....this is about the dumbest and most dangerous thing you could do. Even if you did wait a year, the credit card companies can claim fraud based on insolvency. And you can bet your bottom dollar that in this economy that is exactly what they will do. The trustees do ask for anything and everything - including cc statements.

Have you ever thought what it may be like to live in a jail cell? Do you know how hard your life will be with a criminal record?

Don't be a fool. Don't do this - it will bite you in the ass and then tear out your insides.

If you continue your quest for BK from federal prison will the US Marshalls escort you to your 341 meeting or does the trustee come to the prison?

[OhioFiler]

Also when a poster post such stuff, please don't lump us all in the same boat...

We are all in the same boat! The SS Bankruptcy!

[ready2puke]

Goofball you know I mean the SS Fraud ...

Thanks for the chuckle

[albacore44]

Geezie Louisie...your all freaking me out here.. I think the OP knows he shouldn't do this, but I also think there all tons of us (me included) that did BT to pay off other cc's for 0% with NO intention of committing fraud or even doing the BK thing.
For what ever reason sh-t happens, with me my bus is tanking and barely breaking even with paying rent and utilities and such.
I have several large BT's and only made 3 payments. Credit history with these cc's has been 10-20 years. Try to prove fraud good luck...
Last Aug. last payment realized...OMG there is no more money left after this...thats when BK entered my mind.
Now I wait...June will be a year since my last BT and then I file. Scared to death still..but have no choice. My 780 fico score is sh-t and I have to deal with that, but my choices got me into this mess..no one to blame. So please God let me get this done and start my life over even at age 59....
Also when a poster post such stuff, please don't lump us all in the same boat...

damn.......sounds like me. In a way I think the banks share at least a small amount of the blame, flooding our mail boxes week after week with those 0% pre-approved Bt offers. I was moving money around for 2 years, always planning to pay it off, always expecting more income to come in. I was even planning to bite the bullett and pay it all off with my 401k, and incurr the tax consequences. after all I borrowed the money, and I owe it. then the economy went south and my 401k became a 101k . I thank god I still have a job and a pension.

[fltoo]

Geezie Louisie...your all freaking me out here.. I think the OP knows he shouldn't do this, but I also think there all tons of us (me included) that did BT to pay off other cc's for 0% with NO intention of committing fraud or even doing the BK thing.
For what ever reason sh-t happens, with me my bus is tanking and barely breaking even with paying rent and utilities and such.
I have several large BT's and only made 3 payments. Credit history with these cc's has been 10-20 years. Try to prove fraud good luck...
Last Aug. last payment realized...OMG there is no more money left after this...thats when BK entered my mind.
Now I wait...June will be a year since my last BT and then I file. Scared to death still..but have no choice. My 780 fico score is sh-t and I have to deal with that, but my choices got me into this mess..no one to blame. So please God let me get this done and start my life over even at age 59....
Also when a poster post such stuff, please don't lump us all in the same boat...

This is exactly what I was referring to READY. I was addressing scaring the hell out of people who take cash advances before filing. Simply, the rule of BK law applies whether the intention to pay back or not was there.

Also, why I keep saying I don't advocate fraud...

btw, you can't be ready to puke anymore since you have gleaned all this knowledge about BK. Don't be scared to death, just handle the timing
and you will be fine. Ask the mods if you can put a NOT before your moniker? Then you can be NOTREADYTOPUKE. LOL

You and I are the same age btw, when did we get so old?

Honestly, though, it is no big deal. I had a $14,000 bal trans into checking trying to save a business before I filed. I made 3 payments on it. I waited and it was not even an issue with the creditor or trustee.

[OhioFiler]

I'm still a pup at 49 compared to you guys!

[fltoo]

damn.......sounds like me. In a way I think the banks share at least a small amount of the blame, flooding our mail boxes week after week with those 0% pre-approved Bt offers. I was moving money around for 2 years, always planning to pay it off, always expecting more income to come in. I was even planning to bite the bullett and pay it all off with my 401k, and incurr the tax consequences. after all I borrowed the money, and I owe it. then the economy went south and my 401k became a 101k . I thank god I still have a job and a pension.

Sorry, I can't blame the flooding of my mailbox for my own stupidity. No one forced me to sign. I blame it on not having the knowledge of options available to me until it was too late. But, better late than never.

[fltoo]

I'm still a pup at 49 compared to you guys!

Yea, but I look younger than you!!!

[ShouldWeFile]

For one who 'borrows' $20,000 without the intent to repay, there are 'natural consequences,' that will cause you to have to pay - may be even in other ways - perhaps not even monetary or measurable...

I think if an intelligent (or not so intelligent) individual is set on getting the 20k today and not having to repay it in a BK, I am highly confident there are ways it can be done.

If you took the $20k today, used the money within, say 10 days (or even 30 or more days), and after the money was gone and could be accounted for, you contacted a BK attorney they would instruct you on how to strategically avoid raising questions about this $20k (just like many can do here)... I think a large portion of experienced BK attorneys could advise you on this... does that make it ethical, moral, proper, acceptable, etc, etc??

[OhioFiler]

Yea, but I look younger than you!!!

Uh huh...sure.

[OhioFiler]

For one who 'borrows' $20,000 without the intent to repay, there are 'natural consequences,' that will cause you to have to pay - may be even in other ways - perhaps not even monetary or measurable...

I think if an intelligent (or not so intelligent) individual is set on getting the 20k today and not having to repay it in a BK, I am highly confident there are ways it can be done.

If you took the $20k today, used the money within, say 10 days (or even 30 or more days), and after the money was gone and could be accounted for, you contacted a BK attorney they would instruct you on how to strategically avoid raising questions about this $20k (just like many can do here)... I think a large portion of experienced BK attorneys could advise you on this... does that make it ethical, moral, proper, acceptable, etc, etc??

This comes across poetic. i'm racking my simple brain trying to understand these non-monetary unmeasurable consequences.

What if the borrower used the money say between day 11 and day 29? Then what?