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$50,000 cash advance Dec 2008?

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    $50,000 cash advance Dec 2008?

    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?

    #2
    Originally posted by adam7050 View Post
    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?

    big

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      #3
      Holy Shamoly I didnt know you could even take a $50k cash advance!!

      You are not filing bk anytime soon, especially not in the next year without a creditor and/or Trustee crying fraud. That was a very bad move on your part, Im sorry.


      Note: Isnt this thread in the wrong sub-forum?
      Retained bk7 laywer 8-12-08, Filed 12-22, 341 Meeting Scheduled 1-29-09
      Discharged 4-17-09!!!
      Reason for filing: Medical, NOT irresponsibility with credit.
      "Sometimes you have to fall before you fly"

      Comment


        #4
        Originally posted by Intoodeep80 View Post
        Holy Shamoly I didnt know you could even take a $50k cash advance!!

        Oh you can if the credit lines are large, I had 2 that were over 150k each.

        It doesn't sound good, I took large sums off of business credit lines for my business 10,20,30k at a time when it was needed. I had actual bank accounts along with each credit line so whenever something major came up the credit line covered the checking account. It was however over time and was business, are you in business? If not and you just pulled 50k from a personal credit line they are going to come for it for sure. Do you have any of it left to put back?
        "I'm old enough to know better, but too young to care"
        Filed Chapter 7 January 25th 2010
        341 Hearing March 4th 2010
        Discharged May 10th 2010

        Comment


          #5
          Originally posted by Intoodeep80 View Post
          Note: Isnt this thread in the wrong sub-forum?
          Thanks for noting this. Thread moved.
          Bankruptcy History:
          Chapter 7 filed - 10/12/2005 - Asset
          Discharged - 02/16/2006
          Case Closed - 11/08/2007

          A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

          All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

          Comment


            #6
            I would say 4-6 months will clear you of any fraud.
            02/05/09 Filed BK7
            03/11/09 341 Hearing
            05/20/09 Discharged!

            Comment


              #7
              Originally posted by BillyRip View Post
              I would say 4-6 months will clear you of any fraud.
              I don't know about that...$50K advance? I think the OP should seek an attorney's advice about that one! I would think that being such a large amount, it would be challenge by the creditor(s), but the more time that passes, the better.
              May 2008 Hired 1st Attorney/Stopped paying CCs
              May 21, 2009 Retained 2nd Attorney
              May 28th - Filed for Ch 7 (FINALLY!)
              9/11/09 - DISCHARGED!!!!

              Comment


                #8
                1 year of minimum payments on all accounts before BK sounds good to me. More if possible.

                Comment


                  #9
                  Bottom line

                  You MUST make the minimum payment each month.

                  How much total unsecured debt do you have? I assume you are unemployed, how long have you been unemployed?

                  Comment


                    #10
                    Bottom line - in this today's environment - 50k advance is NOT GOOD. BK trustees are getting much tougher than they were previously. And the problem with this is if it can be proved that you were insolvent when you took it out, a fraud case can be made. If you can wait a few years until filing, fine. If not, I might seriously consider giving back whatever is left.
                    Filed Chapter 7 Pro-Se May 29, 2008
                    341 July 1, 2008
                    Discharged September 4, 2008
                    Closed November 10, 2008 :-)

                    Comment


                      #11
                      Reading this almost made me drop my computer. I feel better about my stupidity now. LOL

                      Comment


                        #12
                        Originally posted by adam7050 View Post
                        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?
                        From your description there was no intent to defraud.

                        Furthermore a lot of people are aware that lately credit is working on the use-it-or-lose it principal.

                        I don't see any problem. As long as you don't file within 90 days.
                        And as long as you aren't hiding the money from the court. If it gets spent so be it.
                        filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

                        Comment


                          #13
                          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....
                          Chapter 13 filed 08/07 60 month plan... $250.00 per month. 2 years to go!

                          Comment


                            #14
                            Or if you tell them you're going to file BK they might start sueing or a judgement sooner rather than later.

                            Comment


                              #15
                              Originally posted by catleg View Post
                              From your description there was no intent to defraud.

                              Furthermore a lot of people are aware that lately credit is working on the use-it-or-lose it principal.

                              I don't see any problem. As long as you don't file within 90 days.
                              And as long as you aren't hiding the money from the court. If it gets spent so be it.
                              Are you kiddin' me? 50K CASH advance, then BK, screams fraud from the highest mountain.

                              Comment

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