HELP!!! CC objecting to 341 meeting

[9877donna]

However, in this case, it doesn't matter what the trustee thinks...this issue is between the creditor and debtor...its the bankruptcy court judge that decides the issue. Without full details, no one here can really give you a solid recommendation...you will ultimately have to get with you BK attorney to figure this out...but you should be prepared for bad news (from my experience), since you used the cash advance to pay another credit card, that is text book BK fraud (not fraud as Enron fraud, we know you didn't mean to commit fraud, but whether you did this act malice is unimportant).

I totally agree.Any transaction within the 90 day period before filing BK is considered 'Fraud'...Period.
It doesn't matter wether sophie paid on these cards after the transfer or not.
Sorry to dash any hopes Sophie....
Donna

[HelpMeFast!]

Cash advances...

I've been following this thread and have some questions. Here's my situation...

I'm in Texas, married with 2 kids. Wife doesn't work, I make about 55K a year. Almost 90K in credit card debt (I've had a lot of this for close to 10-15 years). One car loan (19K). I have a 401(k) worth 11K. Mortgage of 153K and no equity or very close to break even point.

I've hit my breaking point and need to do something. I've played the balance transfer game until I have very few options and have had to take out cash advances just to pay our bills (mortgage, credit cards, etc.). I've seen the 90 day rule mentioned many times on this site. If I took out the cash advances (about 10K) two months ago, should I wait before contacting a lawyer and trying to file? I fully intended to pay these back and most of it has already been burned through in mortgage and cc payments. It was another attempt in a long (15 years) history of mismanaging money and credit that has finally left me with no options. I want to know if I will get into trouble or if waiting longer will ensure I don't have any problems. With the money I have left and a bonus from work I just got, I could continue to make all the minimum payments for at least another 3 months. Would a total of 5 months of no spending and no cash advance/balance transfers ensure I don't have any problems? Thanks for the help. I already feel a weight being removed by just coming here for help!

[SinkingFast]

You don't even have to file at that 5 month mark. Once the money runs out, you can play phone tag with the Creditors for several more months before you actually file. You could easily put a year between your BK filing and any charges with no trouble at all.

Creditors go thru a process. 2-3 months of waiting on you to pay with reminder notes on your bills. Then they move your acct to internal collections. That's when the phone calls begin. Another 2-3 months in internal collections before they bring in an outside, 3rd party Collections Agency. So you could easily go well beyond the 5 months you think you can continue to pay payments before you'd even need to begin to worry/think about filing.

Patience is the friend of the BK Filer. The longer you can wait between CC use and BK Filing, the better. Get yourself prepped. Consult with attnys. Pick one. Get your docs turned in. Take care of your Pre BK Cert somewhere along the way. Pay your attny's fee and the filing fee. Then wait. You're ready to go on a moment's notice if need be but don't file until you have to. Unless you're being sued or foreclosed upon, there's no need to jump the gun to file.