Before everyone piles on and tells me this was stupid to do, let me say I know that already. That's why I'm here asking BK questions. My question is this:
We have a BOFA checking account and credit card account. Years ago I was told that I could use our card as overdraft protection so checks wouldn't bounce. I know you can use your savings account as well, but at the time I was using an internet based company for a savings account to get a better interest rate. During the last year we've had to write checks to pay bills knowing the only way they were going to be paid was the overdraft protection which automatically transefers money from our credit card to our checking account. I always have planned on paying them back and never thought I'd be here about to file BK.
Will those transfers be looked at exactly the same way any other cash advances would? I never got any money in my hand, it just went directly into our checking account to cover checks we wrote (and all of these checks were for bills). Would these be looked at any less negatively or all cash advances the same?
Thanks.
We have a BOFA checking account and credit card account. Years ago I was told that I could use our card as overdraft protection so checks wouldn't bounce. I know you can use your savings account as well, but at the time I was using an internet based company for a savings account to get a better interest rate. During the last year we've had to write checks to pay bills knowing the only way they were going to be paid was the overdraft protection which automatically transefers money from our credit card to our checking account. I always have planned on paying them back and never thought I'd be here about to file BK.
Will those transfers be looked at exactly the same way any other cash advances would? I never got any money in my hand, it just went directly into our checking account to cover checks we wrote (and all of these checks were for bills). Would these be looked at any less negatively or all cash advances the same?
Thanks.
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