Credit card cash advances

[Needing Help]

Hi All... I took out 2 large cash advances (+$20,000) before we THOUGHT our business was sold... used it to pay off certain business investors... then the deal fell through... business failed... now we're going to have to file Bankruptcy, but not for another 6-8 months. I made 3 payments to cards before I couldn't afford it anymore (Feb).

Question... since the advance was truly legit (docs to prove the advance was NOT done fraudulantly), and we paid 2-3 months of minimum payments, do any of you see a problem when it comes to creditor objections?

Thank you. Any of your own stories would be helpful as well.

[lrprn]

Your problem isn't so much the timing as the very high amount of what you borrowed on the cash advances and that the money was for your business, not personal reasons. Most lawyers will advise to wait six months to a year making at least occasional payments to that lender before filing so the lender is less likely to have evidence your borrowing was fraudent (even if you know it wasn't).

$20K is a LOT of money for a creditor to write off without a peep, but stranger things have happened. What does your lawyer say about this situation? Have other filers with business debts mixed in had problems with cash advances in your district up to now?