$50,000 cash advance Dec 2008?

[adam7050]

I'm trying to dig my way out. I took the cash advance in fear of all the cc companies lowering credit lines. i needed the capitol to float. if things don't work out is this fraud?

[BKOnce]

i'm trying to dig my way out. I took the cash advance in fear of all the cc companies lowering credit lines. I needed the capitol to float. If things don't work out is this fraud?

big

[Intoodeep80]

Holy Shamoly I didnt know you could even take a $50k cash advance!!

You are not filing bk anytime soon, especially not in the next year without a creditor and/or Trustee crying fraud. That was a very bad move on your part, Im sorry.


Note: Isnt this thread in the wrong sub-forum?

[Overmylimit]

Holy Shamoly I didnt know you could even take a $50k cash advance!!

Oh you can if the credit lines are large, I had 2 that were over 150k each.

It doesn't sound good, I took large sums off of business credit lines for my business 10,20,30k at a time when it was needed. I had actual bank accounts along with each credit line so whenever something major came up the credit line covered the checking account. It was however over time and was business, are you in business? If not and you just pulled 50k from a personal credit line they are going to come for it for sure. Do you have any of it left to put back?

[BassBoy]

Note: Isnt this thread in the wrong sub-forum?

Thanks for noting this. Thread moved.

[BillyRip]

I would say 4-6 months will clear you of any fraud.

[liz417]

I would say 4-6 months will clear you of any fraud.

I don't know about that...$50K advance? I think the OP should seek an attorney's advice about that one! I would think that being such a large amount, it would be challenge by the creditor(s), but the more time that passes, the better.

[jktrading]

1 year of minimum payments on all accounts before BK sounds good to me. More if possible.

[HHM]

Bottom line

You MUST make the minimum payment each month.

How much total unsecured debt do you have? I assume you are unemployed, how long have you been unemployed?

[danaf]

Bottom line - in this today's environment - 50k advance is NOT GOOD. BK trustees are getting much tougher than they were previously. And the problem with this is if it can be proved that you were insolvent when you took it out, a fraud case can be made. If you can wait a few years until filing, fine. If not, I might seriously consider giving back whatever is left.

[Confused33]

Reading this almost made me drop my computer. I feel better about my stupidity now. LOL

[catleg]

I'm trying to dig my way out. I took the cash advance in fear of all the cc companies lowering credit lines. i needed the capitol to float. if things don't work out is this fraud?

From your description there was no intent to defraud.

Furthermore a lot of people are aware that lately credit is working on the use-it-or-lose it principal.

I don't see any problem. As long as you don't file within 90 days.
And as long as you aren't hiding the money from the court. If it gets spent so be it.

[usmccop]

Usually you need to wait 6 months before you file, more the better...

If you can, make some minimum payments. Also, you can get an attorney now, and most creditors will back off giving you at least 6 months to avoid any judgements. The key is time since the last purchase/advance. I was in the same position but only about a 1000.00 advance. I got the attorney on retainer and it allowed time to pass.

Tell your creditors, if you can't make the payments, that you are planning to file Chapter 7. They'll want your attorney's info and should back off. But they don't have to....

[ready2puke]

Or if you tell them you're going to file BK they might start sueing or a judgement sooner rather than later.

[jktrading]

From your description there was no intent to defraud.

Furthermore a lot of people are aware that lately credit is working on the use-it-or-lose it principal.

I don't see any problem. As long as you don't file within 90 days.
And as long as you aren't hiding the money from the court. If it gets spent so be it.

Are you kiddin' me? 50K CASH advance, then BK, screams fraud from the highest mountain.