$50,000 cash advance Dec 2008?

[Lajazz947]

This page has the links to allow you to select an individual court to search.

I usually put in a small date range and choose which chapter I want and then pull a docket report. Then you can see towns and counties and look for ones that might be of interest (similar incomes, assets, that kind of thing)

Thank you so much. I was wracking my brain trying to figure it out.

Now of course I have discovered a new form of nuerosis for the next 55 or so days.

[CatsInTrouble]

I read this yeaterday and are still figuring out if you are for real.


How is a 50k cash advance "digging out"? The "capitol to float", are you runnning a small business?

"If things don't work out is this fraud"? What things aren't going to work out? Are you asking because you are filing for bankruptcy?

If you mis represent yourself by lying about your income or anything else really or if you are borrowing money with no intentions of paying it back then yes that is fraud inside or outside of bankruptcy.

This is assuming you are the real thing.

This post is so interesting, as it makes me realize that different amounts of money mean different things to different folks. Is 50K all that? I didn't blink at it, but reading some of these reactions made me see that it's huge to some. Maybe it's cause my hubs deals in those numbers all the time, and I can easily see a corp needing 50k. Most corps, really.

[catleg]

Doesn't matter if it's under oath. You can commit fraud by mis representing yourself. B. Madoff probably never commited perjury but he commited the mother of all frauds.

Yes and he was licensed in a regulated business of managing other peoples money. Not the same as you or me running up our Kohl's card.

[jktrading]

I believe the judge calls it preponderance of the evidence.

[catleg]

I believe the judge calls it preponderance of the evidence.

That's if it ever gets to a judge. Bernie may not live that long in GenPop.

[Overmylimit]

This post is so interesting, as it makes me realize that different amounts of money mean different things to different folks. Is 50K all that? I didn't blink at it, but reading some of these reactions made me see that it's huge to some. Maybe it's cause my hubs deals in those numbers all the time, and I can easily see a corp needing 50k. Most corps, really.

I agree I didn't think too much of it either, our business was dealing with these and higher amounts.

[adam7050]

This post is so interesting, as it makes me realize that different amounts of money mean different things to different folks. Is 50K all that? I didn't blink at it, but reading some of these reactions made me see that it's huge to some. Maybe it's cause my hubs deals in those numbers all the time, and I can easily see a corp needing 50k. Most corps, really.

Thanks to everyone for the feedback. I've had the card for 10 years, maxing to $100k tons of times, even as recent as early 2008 and paid it back. I'm using the money to fix up a house, and i need operating capitol til it sells. It's a long story, but $50k is only a small dent in my debt. I owe $500k on a unsecured LOC for my old business that is closed now. I've been making the minimum payments on that (about $3700 per mo) for the last 3 years out of pocket. can't do that anymore. On a townhome project I have 6 million outstanding thats going to end up in forclosure. By the time they short sale it, the differerence will be around 2 million? Plus 3 Amex cards and a Discover. I actually lost my $900k investment in the townhome project, plus another $1.8 that i was projected to make. It seemed like a good plan at the time. My 2008 return is going to show about a one million dollar loss. Thanks again for everyone's help

[adam7050]

I read this yeaterday and are still figuring out if you are for real.


How is a 50k cash advance "digging out"? The "capitol to float", are you runnning a small business?

"If things don't work out is this fraud"? What things aren't going to work out? Are you asking because you are filing for bankruptcy?

If you mis represent yourself by lying about your income or anything else really or if you are borrowing money with no intentions of paying it back then yes that is fraud inside or outside of bankruptcy.

This is assuming you are the real thing.

The card has a $100k limit that I have maxed out may times in the ten years that i have had the card. I maxed it as recently as early 2008 to buy an investment house. I'm using some of the cash advance for improvements and holding costs, and I have every intension of paying it back as soon as the house sells. If it sells is the big question?

[adam7050]

Usually you need to wait 6 months before you file, more the better...

If you can, make some minimum payments. Also, you can get an attorney now, and most creditors will back off giving you at least 6 months to avoid any judgements. The key is time since the last purchase/advance. I was in the same position but only about a 1000.00 advance. I got the attorney on retainer and it allowed time to pass.

Tell your creditors, if you can't make the payments, that you are planning to file Chapter 7. They'll want your attorney's info and should back off. But they don't have to....

I'm a little confused on suits and judgements. Is it better to sued sooner than later. I plan on trying to work a few things out, so i'll have over 12 months if i have to file. If I have a law suit pending, can it be discharged, or do i have to wait til its over and they have a judgement against me? thanks again

[StartingOver08]

Your lawsuit can be discharged in the BK - the petition has a section for you to list all lawsuits. You do not have to wait until you have a judgment - it is probably better if you do not have a judgment.

However, the

See this:

The Bankruptcy Code gives individuals a powerful tool for a fresh start: the power to eliminate judgment liens on assets otherwise exempt. So, where in most cases bankruptcy deals with the assets and debts that the individual has on the date they file bankruptcy, the power to avoid liens allows the debtor to turn the clock back to a time before the lien attached.

These are the ground rules:

The lien must be a judicial lien. The debtor can’t avoid a lien they granted voluntarily or a tax lien that arises by operation of law (a statutory lien).
The lien must impair an exemption in the asset that the debtor would otherwise enjoy.
The debtor must file a motion with the bankruptcy court asking that the lien be avoided.

There is more good news: if the debtor neglects to move to avoid an impairing lien during the case, the case can be reopened later on to avoid the lien. The analysis of whether the lien interferes with an exemption is made based on the value of the asset impressed with the lien at the time the case was filed. If the asset has increased in value, the lien creditor does not get the benefit of the appreciation.

http://www.************************/...udgment-liens/

[adam7050]

thanks again for your help

[Overmylimit]

I am sort of in the same boat, took a huge loss and I am now trying to climb back up. I hav about 550k in unsecured. I used to pay the 4k per month out of pocket as well but I can't do it now. Good Luck

[adam7050]

Here's what I'm thinkin, The BK courts are going to be so overwhelmed, if they're not already, they just wont have the man power. I made some business decisions with the best info I had a the time. Now being a RE Investor is a big joke, but it's the best plan I have for climbing back. They cant fault me for a business plan gone wrong. I certainly wont be the only idiot in BK court who lost millions investing in RE! Hopefully I wont have to file, but it's a long shot.

[Dst1]

I'm trying to dig my way out. I took the cash advance in fear of all the cc companies lowering credit lines. i needed the capitol to float. if things don't work out is this fraud?

NO. People get confused about this all the time. You have a contract to pay back 50K to the people that loaned you the money. The simple fact that you did not fulfill your end of the deal does not make it fraud. Fraud happens when you borrowed the money and you had no intention of paying it back. Stuff like whether you were unemployed can be used as evidence to judge whether your statement that you intended to pay it back is believable. But legally fraud only happens when a judge or jury says it has happened. It is not a crime to be overly optimistic or to gamble wrong on the future.

Anyone in BK is going to look at the 50K number in context. But the context is not merely where you are now or where you were in the past. It's also where you had reason to think you would be in the future. Based on what you have reported here the idea that its fraud is laughable.

[adam7050]

Best news i had all day...thanks