CAn anyone with lots of cash advances share their stories of filing Ch. 7?? Thanks!

[Jessika1012]

I was wondering if anyone out there is willing to share any cash advance stories....people whom have already filed and had a lot of cash advances before bankruptcy....Thanks!

[Gettinout]

We had about $1500 in cash advances about 3 weeks before we filed. We also made a couple of large purchases around $1000 about that time. We were never questioned about and didn't have a problem with our BK.

[Jessika1012]

Thank you! Anyone else have any issues with these when filing?

I am so scared about these. I have read a lot of postings on this website and the bottom line is to wait from what I have heard. My husband and I are so anxious that I don't know if we can wait much longer....it's been about three months and we have a lot of cash advances from buying things on the internet and cashing a credit card check to cover it. We also used the checks to help us pay bills.....I know, I know....it was stupid. I feel it everyday, and we are both so depressed....that any sign of good news with these would be very helpful. Thank you to all whom have read this.

[StaciMM]

Jessika-What reasons do you have for not being able to wait? Are you facing foreclosure or bankruptcy, or garnishment?

[Jessika1012]

Just very anxious to maybe have a second chance at living because we know we screwed up....we just want to get through this and move on. We want to be able to rebuild our credit as quickly as possible too. We would love to have children in the near future and this is dependant on what happends. It's just nerves and anxiousness...that's all

we are current on all bills but one.....our house and cars are fine, as well as our school loans. We have one credit card over the limit now because of a 29% interest rate and we cannot afford to pay the ENTIRE minimum payment and keep up with the rest. We pay the amount we use to pay to them just so we are paying something. Overall, we are doing ok for now thanks to tax refunds and my husband cashing out 3000 in stocks. It's going to go fast though for the amount of credit cards we have to pay monthly. We fully intended to pay off our debt, but i think we are going to come to a huge wall and we are going to have nothing left, hence our pondering of filing bankruptcy.

Thanks for reading my posts!

[StaciMM]

Jessika, consider this...

It might be better to wait now, do the best you can for a few months and TRY not to stress. By making WHAT YOU CAN on payments and not using the cards at all for a while longer, you will be more likely to have a simple BK. (And if things change, like getting a job promotion bringing in more income or something similar, then BK might not be something you go with afterall.)

If you rush and file now, you might get a few nights of better rest but the cash advances could come back to haunt you and end up being after BK judgements that you have to pay back.

Rebuilding after BK is not difficult. And, by living a few more months now without being dependent on credit, you'll be more likely to have a successful life after bankruptcy, as you'll be free of those old habits.

[Minnymouth]

Any large cash advances or convenience checks used right before filing bankruptcy, you would be forced to pay back....

You need to wait at least 3-6 months if you did this before you file bankruptcy.... or this could be considered fraudulant in the eyes of the Court. You knew you were going to file and cashed the large checks and stuck them back for safe keeping....

If you are going to file, send small payments for 3 months to the cc companies in good faith, then send none... But be sure you keep you housepayments, utitilities, etc paid in full...

Go under the search engine on this forum and check out all the threads regarding cash advances....

[Jessika1012]

WAit....

so waiting would be our best option...for about 6 months? I understand this now...we never wanted to file, but we definitely feel we are going to have to or we will never be able to get back on our feet. I feel better being able to take our tax refund and give it back knowing that we made the mistake in the first place.


If we want to go for chapter 7 and we make payments up till our filing date, how will this affect our chances of filing chapter 7? We are kind of confused about this.

Thanks for all the advice.

[StaciMM]

Having a minimum of 6 months between the last advance and filing would be a good idea. If the advances were large, more time wouldn't hurt. Continueing to make payments shows effort on your part, that you're trying to 'do the right thing' and pay on your debts. If you can't afford minimums on all, perhaps alternate-pay some this month, some next month. Creditors get some money, and though they'll tack on fees, etc. it won't matter if/when you ultimately file BK.

Once you are ready to start the process, stop making all creditor payments. (Keep up house, car, utilities, etc., though if you're giving up a vehicle you could stop that also.) Consult with attorneys, and move on. **One advantage, in 3-6 months time the 'new laws' will be less of a gray area so you can probably find an attorney who is very familiar with them. Right now, everyone is still learning and testing the water.

I've heard it said before that its ok if you have minor, living expense type expenses on the cards. I personally think its better to get used to living without the cards at all, but if that is the only way you can manage to make the minimum payments to the cards then I'd suggest only charge things that are obvious neccessities. (Utilities, gas, groceries...)

[FoolAndHisMoney]

Your lucky with that scam of writing bad checks, man thats one that doesn't pay, fast ticket to the big house (jail). Me I like my scams the best way, legal. Say did I mention my trustee isn't going to do shit about my $8,500 hot tub, or the ever so lightly wrecked Porsche in my garage. YA GOTTA KNOW HOW TO PLAY THE FREAKIN GAME!!!!!!!!!!!

No thinking person thinks of this experience as a game. For those that do God help you!

[Jessika1012]

Questions ......

I have a few questions

when I file and the papers are all in with the amounts of our credit card debt...and it has been 6 months or more....what happens....will the trustee look at our amount on our cards and wonder where it all came from and will he/she investigate it? or will it just be filed and then if a creditor objects he will look in to it?

What is a 'big' cash advance? We were writing convenience checks with good rates to cover our expenses sometimes 1000 to 2000. Is this the same thing?


I guess i am just afraid that with all of the cash advances we have had big and small, that someone will object, but that is the risk we will be taking in the future. Err...I hope not, but it's one of those things you think about. I do not have the proof anymore of all the items we spent it on because I closed the accounts to prevent it from getting worse. We realized we had been STUPID! It was clothing mainly..nothing big in size or anything else. Clothing is an exemption for us in our state too. Err...I don't understand all of this, but you are all making this easier for me to understand. Thanks!

Any insite?

[StaciMM]

I'm not sure the exact amount, but amounts of $1000 and $2000 whether by a direct cash advance or a transfer check are potential issues. The main thing to be aware of is the more time that passes between those and the time you file, the less chance the creditors will pursue an objection because time make intent hard to prove.

As for dates, there is a place on the forms to indicate when the debt was accumulated. If you have an account that is fairly new and has a balance, that will probably catch attention. However, if the balances were accumulated over time then it will draw less I think.

[debbieszoo4]

lots of cash advances

We had probably ten thousand dollars of advances on 1 credit card. All with in a year prior to fileing. I had no issues come up regarding them. Good Luck

[aa06a47]

Get smart, or hire an awesome attorney, preferably one that is also a Trustee that knows the inside ropes to your advantage.

Cash advances, no problem, especially 90days out from filing date, I had tons of them and here is were I expained the $$$$$ went.

LOVE ME OR HATE ME, I OPERATE WITHIN THE LAW AND HAVE MANAGED TO KEEP ALOT MORE ASSETS THAN MOST PEOPLE HERE!!!

MY EXPLANATION OF WERE THE MONEY WENT TO: LOVE THOSE HOOKERS

http://www.bankruptcyforum.com/t6278...o-filling.html

Scammer, I don't really like your style or attitude...however, I don't like the cc industries tactics either.

[aa06a47]

We had probably ten thousand dollars of advances on 1 credit card. All with in a year prior to fileing. I had no issues come up regarding them. Good Luck

I have close to 30K in the last 6 months, I'm going to get killed I'm sure.