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Can I abuse IRA or Homestead exemptions?

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    Can I abuse IRA or Homestead exemptions?

    I am about to file for a Chapter 7 bankruptcy, because I can not pay back what I borrowed already. If I do nothing will go into my IRA for this year, and my recent second mortgage and first mortgage on my Homestead Act protected home will continue to keep me in debt.

    I still have a couple of hundred thousand dollars of unsecured credit card credit. Can I borrow from my credit cards to fund my annual IRA ($5,000.00) deposit and pay off most of the 1st ($80,000) and 2nd ($150,000) mortgages on my Homestead Act protected ($300,000) house, then wait 90 days to file without breaking any laws? I could probable wait up to a year, before filing, would this make any difference? Or do I have to stop borrowing today and file, because doing otherwise would be an abuse of the law?

    #2
    Mr. tummygun:

    I'm new here but without a doubt I can answer you will open yourself for big time fraud and possible perjury as you have to swear that you have not done, what you are stating you wish to do. Be real careful.
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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      #3
      No one on here will advise you to commit fraud. Anytime you borrow money with the intention of not paying it back and file bankruptcy, you are commiting fraud. You are not talking about small change in your posting but utilizing a "couple hundred thousand dollars." If fraud/abuse is suspected, a trustee can go back a year or more to look into your finances and accounts.

      It appears from your posting that you have already borrowed money that you cannot pay back. If you were smart, you would stop where you are right now and get a consultation with a BK attorney who can correctly advise you as to your situation.
      _________________________________________
      Filed 5 Year Chapter 13: April 2002
      Early Buy-Out: April 2006
      Discharge: August 2006

      "A credit card is a snake in your pocket"

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        #4
        You will probably get criminally prosecuted for that scheme.

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          #5
          SOUNDS VERY SHADY

          Comment


            #6
            Thank you for your honest replies.

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              #7
              Hey tummygun: Don't go away. Lurk around here to read and learn, and let us know how you are doing from time to time. When you are ready to proceed honestly, we will be here backing you.
              "To go bravely forward is to invite a miracle."

              "Worry is the darkroom where negatives are formed."

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                #8
                You sound like an intelligent person. If it sounds shady to you, it probably is. If it sounds illegal, it probably is. If you know something is illegal before you do it, it is probably a crime.

                You should research this, and not pass it off to a website message-board. As I have seen, many many big businesses get away through loopholes. Using loopholes is not dishonest, so you may need to do more looking. I wish you luck. (man, I wish I had like your cash (green eyed monster here)).
                Not all those who wander are lost....

                --J. R. R. Tolkien

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