top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Transferring of balance from one CC to another

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Transferring of balance from one CC to another

    I was just looking back over all my statements for the past year as I meet with my new attorney tuesday., in April of 09 I transferred with a 3.9 convenience check balance from one cc to another cc in the amount of 13,000.00 as the interest was so much lower.
    Will this be a problem?

    #2
    Originally posted by whirlwind123 View Post
    I was just looking back over all my statements for the past year as I meet with my new attorney tuesday., in April of 09 I transferred with a 3.9 convenience check balance from one cc to another cc in the amount of 13,000.00 as the interest was so much lower.
    Will this be a problem?
    It sounds like it might be a problem because it is pretty recent and especially for a large cash advance like yours. Please check with your attorney about this transaction. Have you made any recent payments on the cc that the cash advance was taken out to pay another cc?
    Chapter 13 filer since Feb. 2018 under a 60 months payment plan
    Please think positive and do not give up!

    Comment


      #3
      I have paid on that card up until the end of august.

      Comment


        #4
        You could be in for a fight. Not that you'll lose, necessarily, but nonetheless, a fight. The answer may depend on which circuit you are in.


        Here is a case that analyzes the potential issues:


        In re Johnson, 313 B.R. 119 (Bankr. E.D.N.Y., 2004)

        It's a pre-BAPCPA case, but still good law.
        Last edited by MSbklawyer; 09-13-2009, 06:01 AM.
        Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

        Comment


          #5
          lots of people have done that including me. with no intention of fraud of course, just digging a deeper hole. best to let it age. put as much time between the transaction and when you file, and just deal with the phone calls and letters
          Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7

          Comment


            #6
            Originally posted by whirlwind123 View Post
            I was just looking back over all my statements for the past year as I meet with my new attorney tuesday., in April of 09 I transferred with a 3.9 convenience check balance from one cc to another cc in the amount of 13,000.00 as the interest was so much lower.
            Will this be a problem?
            What did our Attorney say?

            Look for posts by HHM on this subject. I believe HHM had indicated to me this situation could be considered a preferential payment. Not really too much of an issue for you (the filer) though in that case.
            No Asset 7 closed 11/09

            Comment


              #7
              There is a chance that the balance transfer and the payment to your mother will be considered a preferential payment and the trustee will go after your mother for the money.

              90 days is the absolute legal minimum for large charges, it is better to wait at least six months.

              And any transfer of money or property to a family member has a two year look back in a lot of districts. I know it does in mine.
              You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

              Comment


                #8
                Ohio Bankruptcy law, I just found a site on it, says for relatives they can go back one year.

                Comment


                  #9
                  Originally posted by backtoschool View Post
                  There is a chance that the balance transfer and the payment to your mother will be considered a preferential payment and the trustee will go after your mother for the money.
                  Ah!. Yes, now I see the other threads. hmmmmmm.....
                  No Asset 7 closed 11/09

                  Comment


                    #10
                    I didn't do one for 13,000 but I did two ... one for 6,000 and one for 4,000. In March 09. I made 2 payments on it. Then filed in June. They were from card to card.

                    Have not heard a peep.... *knocks on wood*.
                    BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                    Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

                    Comment


                      #11
                      Originally posted by Amy26 View Post
                      I didn't do one for 13,000 but I did two ... one for 6,000 and one for 4,000. In March 09. I made 2 payments on it. Then filed in June. They were from card to card.

                      Have not heard a peep.... *knocks on wood*.
                      Were either used to pay a relative in your case? In the OP's case she used one of the payments to pay off a loan to her mother.
                      You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                      Comment


                        #12
                        Well I musta missed that I didn't see it in her original post... :o

                        No, I did not pay a relative with it... lol.
                        BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                        Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

                        Comment


                          #13
                          Pay back of money to parents were in June of 08., haven't filed yet., I was told wait a year, but it has been past a year now.

                          Comment


                            #14
                            Originally posted by backtoschool View Post
                            Were either used to pay a relative in your case? In the OP's case she used one of the payments to pay off a loan to her mother.
                            In the OP's original posting, there is no mention of his using those funds to pay his parents; he states they are from one cc to another cc...apparently someone on here read his past postings and intertwined it. He did that over a year ago. He is now speaking about April 2009.

                            To the OP - get as much distance as you can away from that transfer date...at least six months. Discuss witih your attorney.
                            _________________________________________
                            Filed 5 Year Chapter 13: April 2002
                            Early Buy-Out: April 2006
                            Discharge: August 2006

                            "A credit card is a snake in your pocket"

                            Comment


                              #15
                              Originally posted by Flamingo View Post
                              In the OP's original posting, there is no mention of his using those funds to pay his parents; he states they are from one cc to another cc...apparently someone on here read his past postings and intertwined it. He did that over a year ago. He is now speaking about April 2009.

                              To the OP - get as much distance as you can away from that transfer date...at least six months. Discuss witih your attorney.
                              Oh I see it now, the payment to the family member was in June of 08.

                              But in my district that would still be a problem because insider payments and transfers go back two years. In the OP's case in Ohio it is one year so it should be fine.
                              You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                              Comment

                              bottom Ad Widget

                              Collapse
                              Working...
                              X