Good Evening,
I'm filing chapter 7 in a few weeks and I have some concerns regarding potential AP's.
I have 35K on a BoA card that is several years old, 7K on a Discover Card that is one year old (13 months) and 10K on a citi card that is one year old. I used 112K as an annual income figure on CC apps and Credit line increase requests from 2006 thru the CC apps for the above mentioned cards. All payments were current on all cards until 04/2010. I shuffled balanced around in 08/09 when i applied for the new cards. My concern is this: My tax returns show my annual income in the 40K to 50K range during the previous two years. I built a large house myself (literally) on property that I owned during these years. my intent in building the structure was to make money. I did complete the house and I still own it, but due to market conditions it is worth 100K+ less that I expected when I was building it. -I never realized income that I gave myself credit for on my apps, even though I believe I had a rational reason to think that the figures reflected an accurate representation of the fruit of my labor at the time. Do I have cause for concern? I plan to file pro se and have no funds to hire a lawyer to defend against an AP. Would this situation constitute fraud on my part?
I'm filing chapter 7 in a few weeks and I have some concerns regarding potential AP's.
I have 35K on a BoA card that is several years old, 7K on a Discover Card that is one year old (13 months) and 10K on a citi card that is one year old. I used 112K as an annual income figure on CC apps and Credit line increase requests from 2006 thru the CC apps for the above mentioned cards. All payments were current on all cards until 04/2010. I shuffled balanced around in 08/09 when i applied for the new cards. My concern is this: My tax returns show my annual income in the 40K to 50K range during the previous two years. I built a large house myself (literally) on property that I owned during these years. my intent in building the structure was to make money. I did complete the house and I still own it, but due to market conditions it is worth 100K+ less that I expected when I was building it. -I never realized income that I gave myself credit for on my apps, even though I believe I had a rational reason to think that the figures reflected an accurate representation of the fruit of my labor at the time. Do I have cause for concern? I plan to file pro se and have no funds to hire a lawyer to defend against an AP. Would this situation constitute fraud on my part?
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