$50,000 cash advance Dec 2008?

[jktrading]

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

I agree. Never talk to creditors. They will use everything against you. There is no point in speaking with them.

[StartingOver08]

A $50k cash advance will be scrutinized extremely carefully and the more time and payments that you can pay toward it before your filing the better for you.

If you were unemployeed at the time of the cash advance - I think that it would be difficult to get around the fraud assumption.

I would wait at least ONE YEAR and make payments for as long as possible, JMO.

[Lajazz947]

A $50k cash advance will be scrutinized extremely carefully and the more time and payments that you can pay toward it before your filing the better for you.

If you were unemployeed at the time of the cash advance - I think that it would be difficult to get around the fraud assumption.

I would wait at least ONE YEAR and make payments for as long as possible, JMO.

I aagree. Make minimum payments for a while.

I waited almost one year after using cards or taking any advances and I was asked pointedly if I made any payments to my creditors, even the minimum payments.

They also asked me if my payments covered my charges.

I agree that you can have an issue if you were unemployed, How were you going to repay it? That's what I would ask if I were a TT.

The use it or lose it mentality of banks now would not make me any more confortable, sorry. I would definitely consult an attorney just to start some planning though.

This is a tough one if you do not make any payments.

[catleg]

Let me rephrase. I don't think the 50k is a problem as long as you aren't stupid about it. Don't rush to the courthouse, be sure to make a few payments, etc.

[jribe]

as everyone has alreayd said, it's very very important to make payments on that cash advance. I don't think there's anyway you could get away with such a large cash advanced "just in case" they lower your credit limits; and then file for BK a short time later. I would say you need to put a solid year between yourself and that cash advance- with payments. You've put yourself in quite a pickle; sorry to say. Can you just repay it? Obviously the move wasn't thought through- but if you give them back the cash advance you could file sooner if needed. I don't see any way that even an attorney could get you out of this type of mess, without you putting some serious distance between it. good luck!

[catleg]

The problem from the trustee's perspective is that if you're truly broke and don't have the money, what are they really going to do? Broke is broke, fraud or no fraud. The only point to declaring fraud is to either (A) recover the money from some other party they can figure out you gave it to or else (B) deny you the exemptions and force you to repay out of any assets you might have protected.

I have been reading Pacer cases in my district and every one I have seen with a trustee objection has subsequently resulted in a confirmed plan (ch13) , with maybe a little bit higher payment or length of plan. The trusteeship is essentially a kinder, gentler collections business.

[Lajazz947]

The problem from the trustee's perspective is that if you're truly broke and don't have the money, what are they really going to do? Broke is broke, fraud or no fraud. The only point to declaring fraud is to either (A) recover the money from some other party they can figure out you gave it to or else (B) deny you the exemptions and force you to repay out of any assets you might have protected.

I have been reading Pacer cases in my district and every one I have seen with a trustee objection has subsequently resulted in a confirmed plan (ch13) , with maybe a little bit higher payment or length of plan. The trusteeship is essentially a kinder, gentler collections business.

Oh, how can I read Pacer cases? What tab do I look I under?

[catleg]

Oh, how can I read Pacer cases? What tab do I look I under?

You have to open an account here:

http://pacer.psc.uscourts.gov/

Costs 8 cents a page, maximum charge is 30 pages/$2.40 per document (some ch13 petitions run about 50-60 pages)

[Intoodeep80]

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

Definately agree. File bk anytime before probably 8-12 months, and you're going to have some bk/Trustee drama!!

[relief13035]

Ouch - that's one mega cash advance.

[Lajazz947]

You have to open an account here:

http://pacer.psc.uscourts.gov/

Costs 8 cents a page, maximum charge is 30 pages/$2.40 per document (some ch13 petitions run about 50-60 pages)

Thanks, I opened the account, did not know where to look though.

[banca rotta]

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?

I read this yeaterday and are still figuring out if you are for real.


How is a 50k cash advance "digging out"? The "capitol to float", are you runnning a small business?

"If things don't work out is this fraud"? What things aren't going to work out? Are you asking because you are filing for bankruptcy?

If you mis represent yourself by lying about your income or anything else really or if you are borrowing money with no intentions of paying it back then yes that is fraud inside or outside of bankruptcy.

This is assuming you are the real thing.

[catleg]

Thanks, I opened the account, did not know where to look though.

This page has the links to allow you to select an individual court to search.

I usually put in a small date range and choose which chapter I want and then pull a docket report. Then you can see towns and counties and look for ones that might be of interest (similar incomes, assets, that kind of thing)

[catleg]

I read this yeaterday and are still figuring out if you are for real.


How is a 50k cash advance "digging out"? The "capitol to float", are you runnning a small business?

"If things don't work out is this fraud"? What things aren't going to work out? Are you asking because you are filing for bankruptcy?

If you mis represent yourself by lying about your income or anything else really or if you are borrowing money with no intentions of paying it back then yes that is fraud inside or outside of bankruptcy.

This is assuming you are the real thing.

Uh, except, it isn't. Unless you sign it under penalty of perjury, right? People/companies who are insolvent borrow money all the time.
Take, for example, Citicorp. :-) Doesn't make it fraud, they're "hoping" for the best but the reality is they may indeed know they're
doomed.

[banca rotta]

Uh, except, it isn't. Unless you sign it under penalty of perjury, right? People/companies who are insolvent borrow money all the time.
Take, for example, Citicorp. :-) Doesn't make it fraud, they're "hoping" for the best but the reality is they may indeed know they're
doomed.

Doesn't matter if it's under oath. You can commit fraud by mis representing yourself. B. Madoff probably never commited perjury but he commited the mother of all frauds.

The citicorp, banking situation is a different story. While I don't like it one bit their situation is simply the government propping them up to avoid a major confidence crisis. Technically most of the large banks are already bankrupt and without the bailouts the stock, bond and money market indexes would probably be close to zero by now.