Home equity loan - how soon after to file Ch 7?

[btbeme]

I have a home with more equity than I am able to exempt. This is the ONLY thing standing in the way of a no-assets Ch 7 filing.

If I am able to obtain a home equity loan that will erase that extra equity and spend the cash on some (badly needed) exempt items such as food and home repairs, does that put me in the clear?

Any time period or "lookback" before I should file?

[JackBondLove]

It would seem to me that taking cash from a home equity line in which there would still be equity is not a problem at all. You would be taking money from a creditor who would be getting paid off, so there would be not be the situation of defrauding the creditor by spending the creditor's money without the intention to pay the creditor back.

I'll let others chime in as well.

[btbeme]

I would - and do - intend to pay back the equity loan, and would certainly spend it on exempt items. Is there a timeline for testing such a transaction? Granted, it would take a month or two to spend down the cash from the equity loan...

Anyone else have experience here?