Objections to my cash advances?

[mnguy]

I have a question about possible objections.
I took out three cash advances from my credit cards, one for about $9,000, one for about $8,500 and the other about $8,000. I did them in February and March of this year and I put them into my checking account and trasfered them into my tdameritrade account (stocks). I have all the documentation to show this and I did not take any of that money out to purchase anything other than stocks. I have lost everything and am probably going to have to file for bankruptcy very soon, if not this month. Does anybody see any problems, since I can show that I used none of the money to purchase items, just stock?

Thanks all!

[ready2puke]

Im sure your fine did you make any payments on those Bal Transfers?

[cool33097]

There is a possibility of problems if the Trustee asks what you did with the money. You invested money that did not belonged to you. Have you talked to an attorney? I would recomend. Everything depends with who would be your Trustee.
I am in FL and mine asked for 2 years of all docs and he did asked about some cc purchases.
Good Luck!

[ready2puke]

so whats the difference if he used to in the stock market or bought a tv or went on a trip. I dont see a difference especially that far out

[mnguy]

I made full payments for the first 3 or 4 months and then the last 3 months I've been only able to pay them about $50 apiece a month...

[philslyn]

well 3 months after the cash advance is safe enough. if its 6 months 5 months 4 months
and if u really cant make up payments to your debts and struggling financially
you are fine! i have this client in the office, he called to let me know he did a cash advance, i got mad because we were getting ready to do it,
so i told him now u gotta wait because the creditors will find it abuse because it wil look like u intended to do it. taking advantage of what u can get before u file bk, and they will surely object with that debts., not with everything, just the one he did,
so after 2months i filed for him and there was no problem
well im talking about CA Bk..

[philslyn]

Possibly they creditors will object, if u purchase it, not too long before u file bk. because it will look like obvious as like an abuse or intended.
Just like my stubborn client in the office.
He knows we are about to file bk, and he purchase a cash advance. i was really not so happy with it, coz its a red flag! so i told him.
wait 2 or 3 months before we file, or else u will have to prepare urself to pay that. because that wont get discharge coz they will object with the recent one.

[ready2puke]

How much was that cash advance for?

well 3 months after the cash advance is safe enough. if its 6 months 5 months 4 months
and if u really cant make up payments to your debts and struggling financially
you are fine! i have this client in the office, he called to let me know he did a cash advance, i got mad because we were getting ready to do it,
so i told him now u gotta wait because the creditors will find it abuse because it wil look like u intended to do it. taking advantage of what u can get before u file bk, and they will surely object with that debts., not with everything, just the one he did,
so after 2months i filed for him and there was no problem
well im talking about CA Bk..

And you and him only waited 2 months? I thought minimum should be 3 months. He got lucky

[FU2MI]

I'll be in a similar situation...but i'm going to put as much distance as i can between these transactions and a BK file (pay on them 8-12 months, stop paying for 3-9 months then file BK).

It's to bad you couldnt put some more time between the transactions and filing. Good luck and let us know what happens!!

[cool33097]

So you made a least 3 payments in your acct and it is over 6 months, you should be ok, but the trustee may still ask what you did with that money. The trustee can asks you any question he wants and because your dischrge depends on his recommendation, you want to answer.

[TEW]

It should not be a problem.
I don't think they care what you spent the money on no one asked me. I don't think anyone else on the board was asked where they spent CC money.
The CC Company can object if they suspect you are committing fraud.
They would have to prove you took the money with no intention of paying it back.
You will only get objections for fraud and if you try to have discharged NON dischargeable debt.
There is a sticky about that on top of the board.

[2Bshinyandnew]

I have a question about possible objections.
I took out three cash advances from my credit cards, one for about $9,000, one for about $8,500 and the other about $8,000. I did them in February and March of this year and I put them into my checking account and trasfered them into my tdameritrade account (stocks). I have all the documentation to show this and I did not take any of that money out to purchase anything other than stocks. I have lost everything and am probably going to have to file for bankruptcy very soon, if not this month. Does anybody see any problems, since I can show that I used none of the money to purchase items, just stock?

Thanks all!

Do you still own the (worthless?) stock?

[mnguy]

I own only about 1000 shares of this 6 cent stock: Company filed for bankruptcy.

[mike9302]

There is one possible big problem here. I did not read all of the posts so it may of been mentioned.

But when you sign up for a credit card it states in the card agreement that you are not supposed to use funds from that card for investments.

If the card company checks this and finds out they will most likely object and win. If you dont believe me then read your card member agreement.

[ready2puke]

Really? I've never heard of that before. If fact when I was talking to the gal from BoA on the phone about a bal transfer we were talking about using that money for stocks...wonder if they recorded that call?