i purchased american express gift cards for some of my employees for xmas. If my amex card goes into default. what are the chances of amex tracking down and cancelling those cards?
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If AMEX files for bk, the money backing those cards will be property of the bk estate and the cards won't be honored at point of sale. That's what happened when Sharper Image filed. If this is a concern, ask your friends to use those cards soon. -
This is a funny one. Who is in worse shape, Amex or the gift card buyer? Amex is pretty petty but you'd probably have to be several statements past due before they considered tracking down and voiding the gift cards.
Just a reminder to anyone stiffing Citibank, be sure to cash out your Thank You points, or the same thing in general with other cards.filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!Comment
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Yes, this is ironic. How can we point a finger at a cardholder for using a credit card for purchases when the cardholder MAY be insolvent at the same time AMEX is selling those cards and AMEX MAY be insolvent at the time they sold the cards, unable to honor them?Originally posted by catleg View Post
To the OP, I would warn the gift card recipients that due to AMEX's unstable financial status, to use up the cards quickly.Comment
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it sounds like the OP was asking if he/she defaults on his/her Amex Card- will the gift cards still work?Originally posted by NoLawyerYet View Post
... I don't believe they were talking about Amex as a company....Filed Pro Se: 10/16/2009
341 Scheduled: 11/23/2009
Last Day for Objections: 1/22/2010
Discharged: 1/28/2010Comment
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nOT SURE I UNDERSTAND EXACTLY, BUT I WENT ON THE EAMEX WEBSITE AND PURCHASED $5,000 WORTH OF AMEX GIFT CARDS ON THEIR SITE USING MY AMEXComment
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So you used your AMEX card to buy $5,000 in AMEX gift cards... and now you're not going to pay the AMEX bill? I don't know if they can cancel those cards or not - maybe someone who's done this will come along now that it's clearer what you are asking. I would think that the purchase would look a little hinky depending on how long til you file, how many payments you make.... but you probably have time since you have to spend that big tax refund!
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That takes balls...I like itOriginally posted by NoLawyerYet View Postfiled chapter 13..confirmed...converted to chapter 7...DISCHARGED!Comment
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I know Major Mike had an issue like this when he filed. I think he ended up having to pay back Amex.Filed Chapter 13 05/23/08
Converted to Chapter 7 Jan 2012
Discharged April 2012
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Reading this again, it occurred to me that if they wanted to AMEX would probably be able to track how the gift cards get used even if they don't cancel them...Comment
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do you know how long major mike waited before filing after purchasing the gift cards. do you think that it would help that the cards are being used to remodel an investment property?Comment
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Gifts...Building materials? whatever keeps me out of jail!Comment
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Nolawyeryet, I'm not sure how to say this, but . . . you really need to talk to a lawyer. My unsolicited advice: Be completely, scrupulously honest. DO NOT try to "game" the system. DO NOT try to figure out what you can "get away with" and try to fit your facts to fit that scenario. Your facts are your facts, and by being honest with a lawyer you can proceed.
I, for one, don't like having someone say that gift cards were for gifts, then turn around and say, well, no, maybe they were for remodeling expenses on my business. Whatever works. Your trustee will like it even less.
Look, there ARE ways to legally and honestly safeguard some of your assets against seizure in a bankruptcy. Talk to a lawyer and find out about them. Please don't try to hide assets or disguise spendings in one way or another - be upfront. This will only serve you in the long run, even though it may not seem so now.Comment
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thak you for your help. I planned on meeting with my assett protection guy, but i didn't want to put him in a bad position for the errors that i made. i will meet with him soon. thanks againComment
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