Question about my situation

[mnguy]

Hello all. I need a tad bit of help or opinions...
Ok, I have about 28K in C.C. debt, most of which I took cash advances in Feb and March and transfered that money to my stock account, where I have lost almost all of it. I did not take any of that money out of my stock account, it just lost value. Do you think that it has aged enough to start to file?
I think I'm going to give up my house too, since I'm upside down by at least 30K......
I make about 55K a year so I don't qualify for CH.7, but with my means test, I probably will....
Any thoughts on my cash advances and it only being about 7 months since them?

Thank you everyone!

[JRScott]

Generally 6 months is the minimum that lawyers like to see between balance transfers and cash advances, some even recommend a year.

As for the means test you'd fail the first part it that is higher than median for your state, however that doesn't mean you fail, just fill out the second part but make sure you can back up the numbers in case you get audited.

[cool33097]

You should talk to a lawyer about you cash adv situation. My Trustee asked for 1 year of cc statement.

[StartingOver08]

My attorney asked for 36 months of cc stmts, 4 yrs tax returns, 10 yrs deeds and mortgages, 2 yrs bank stmts etc. Although if the trustee decides to to any further examination - he's ready!

You need to put some time between the BT's and the filing IMHO

[keepmine]

Ddi you make any payments on thosee cash advances?
In general, it's been over 6 months-I'd try and make it a year if possible.

[mnguy]

It's been since Feb. and March when I had the advances....so it's been over six months (I have made payments, but have only made $50 payments each month - for the last few months). I think I am going to let my house go since I am upside-down. The only thing I'm not sure on what to do is try to make a Ch7 or do a Ch13 and try to get my second mortgage stripped......

[2Bshinyandnew]

Ddi you make any payments on thosee cash advances?
In general, it's been over 6 months-I'd try and make it a year if possible.

Just curious...why would it make a difference if any payments were made on the cash advances or not? It would seem like it would be a good thing if a payment or two or three were made? I see this asked a lot and wondered why?

[albacore44]

what about the 70/90 rule ??

[mmenz22779]

he is way past the 70/90 rule?

Plus these are "gambling debts"

[mnguy]

I'm going in on Wednesday for my second meeting with an attorney.
My cash advances into my stock account were in Feb and March....hopefully it has been long enough. I never withdrew or moved any money from the stock account after I put the cash advances into it, only once ($185) to pay for bill, since I was running low on money.

Will keep you up to date after Wednesday's meeting.

[JRScott]

Good luck mnguy

[mnguy]

So, I went in to my 2nd lawyer meeting yesterday and he did a really basic means test and he said I qualify, barely. He said at the end of the month I'm at $-85. I gave him some paperwork that he asked for, but I have a question for ya all: Do you all think it's weird that he doesn't even ask me how I have $28 in CC debt. He never asked me once....and now of course he's going to start asking for fees in a few days. Is this just a basic lawyer move to obtain the retainer and monies first, to rope you in first?
You'd think they would want to know that my cash advances were about 7 months ago.....

[StartingOver08]

No, I don't think it is weird that he didn't ask how you are $28k in cc debt. You need to bring up the cash advances and the amounts of the cash advances to him in your consultation. Since you had the consultation already you may want to call him to get clarification.