Bankruptcy Chapter 7.

[Pirlo1971]

I just withdraw $1,300 from one of my credit card and I not able to pay my $18,000 back so at a certain point I will seek bankruptcy. Will the creditors ask me about this late withdrawn in the 341 meeting and will I be responsable to pay it back?

[AngelinaCatHub]

More than likely. You best wait out at least 90 days, and make an attempt to pay back that cash advance. This puts a red flag of possible fraud upon your case. Stop using all your cards NOW, and pay that one back particularly, but you must also pay it little to the others so it will not look preferential to one creditor. This is kind of a major no, no. 'Hub

Edit: One question, is the 18K on the same card, and how many cards are you using. Better keep good receipts for that money's use.

[Pirlo1971]

I have 5 credit cards and this card is full now with $5,500 on it. Should I pay back with checking account or with cash? May I pay back with in two or three payments? To wait 90 days until what? Thank you!

[justbroke]

I have 5 credit cards and this card is full now with $5,500 on it. Should I pay back with checking account or with cash? May I pay back with in two or three payments? To wait 90 days until what? Thank you!

DO NOT PAY BACK THE ENTIRE AMOUNT! This will cause a "preference" where the Trustee will recover the amount. While the Trustee won't be asking you personally for the money, it will cause all sorts of issues.

You should keep at least 90 days between when you took large balance transfers or made significant purchases and filing your bankruptcy. Your attorney should help you plan this out.

Paying it back, creates what is called a preference. That means you chose to pay one creditor over the others. The Trustee looks for these things and it just makes your case more complex. Plus, the Creditor could get upset and try to make the charges non-dischargeable if they consider it "eve of bankruptcy" type of charges.

[whipster1]

i have 5 credit cards and this card is full now with $5,500 on it. Should i pay back with checking account or with cash? May i pay back with in two or three payments? To wait 90 days until what? Thank you!

pay the normal payments.

[Pirlo1971]

What charges can this creditor try to make non-dischargable? Are you making a reference to the $1,300 or all the credit card debt? I cannot pay anything anyway since I do not have assets except clothes and a 4 year old laptop. I have a car that require $2,000 to be paid off, but I intend to keep the payments on this car. I collect unemployment for more then 6 months now and Im waiting for a notice from Unemployment Office telling me that I will go on Extended Unemployment Benefits. My intention was to use the cash withdrawn from the credit card to pay a resonable bankruptcy attorney.