Cash advances

[rjones04]

I was wondering if i take a cash advance from a unsecured line of credit out for like $10K is it best to file in 6 months or 1 year? Cant the trustee object claim?

[TEW]

You Would end up paying it back. You would have to wait 90 day before you would want to file.

[HHM]

1. Taking a loan with no intent to pay it back is fraud regardless if you wait 6 months or even two years.

2. However, $10k is a significant amount, but if you wait 6-9 months before filing BK, you should be ok.

Also note, it is not the trustee that objects, it is the creditor that objects.

Unless you aboslutely, positively need the money, you should not take the loan if you are going to be filing Bk in the near future.

[rjones04]

1. Taking a loan with no intent to pay it back is fraud regardless if you wait 6 months or even two years.

2. However, $10k is a significant amount, but if you wait 6-9 months before filing BK, you should be ok.

Also note, it is not the trustee that objects, it is the creditor that objects.

Unless you absolutely, positively need the money, you should not take the loan if you are going to be filing Bk in the near future.

THanks for responding. I am in a bind and needed some money for survival right now. I cannot file right now because I am in the process of closing some joint accounts down with another family member. Joint accounts in someone else's name is viewed as income right? Also, if i close bank accounts then file say 12-14 months later, that is no concern right?

[HHM]

Ok, before you do anything else, you need to go see a lawyer. Consults are free and you need to discuss your situation with them.

Joint accounts are actually not a big deal in BK so long as you can trace whose money is whose. Money in accounts is NOT income, it is potentially an asset.

[keepmine]

It's not income. Your portion of the joint account is an asset that may be seized by the trustee as property of the estate.