HHM, Look back period for balance transffers how long?

[hhou812hh]

HHM, you mentioned on another thread that the "look back" transfers for transferring cc balances are longer. About how long do they look back for this? I always thought the whole look back thing was regarding transferring assets such as a car or house to an insider and I know that has been increased to 2 years instead of the current 1. I also know that large charges/advances made within 90 days is presumed fraud, up from the current 60 days.

I made some large advances last May and my atty asked me to wait at least a year due to the size of them.Do you think this would be a problem? The only reason I can afford to last this long is my OT. When that stops the well runs dry.

Thanks in advance!

[hhou812hh]

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[ducksinarow]

I don't have an answer but wanted you to know that I read your thread. Maybe bumping this to the top will help you get an answer. Good luck!

[HHM]

I don't think there is a specific number of days or months, but as with everything with the new law, it will be easier for creditor to prove fraud. Hell, the new law practically presumes that anyone filing for chapter 7 is committing fraud and makes the debtor prove they aren't.

Thus, I am guessing that it will be easier for creditors to go back six to eight months on things like balance transfers and cash advances and prove fraud.

But then again, who knows.

[hhou812hh]

Thanks for the answer! That's why I'm waiting for as long as I possibly can. I don't care if I brown bag lunch, have Blockbuster nights and eat pasta every night. I don't want any problems. I won't qualify for a ch7 under new law but will qualify for a ch13 with about $500 a month in the plan. I'll take at as opposed to what I'm paying now.

These people (cc companies & congress) are just plain NUTS!!!!!!!! Every day of the week I get offers for something I finally take them up on it since I need it and fall on hard times and they all presume fraud. They tell me/us that I deserve a break, take a vacation, transfer balances, buy all kinds of cr@p and if we do it they cry fraud if we lose our income or just can't make ends meet.

The purpose of the new laws are to make us all think twice about filing for bk. How about this; the purpose of the new laws will make us all think twice about using any credit. This is how I keep stressing these cc idiots will lose money. They will scare us all to death with the new laws that NO ONE will use credit and they will really be hurting. Hopefully this happens, but who knows?

[hhou812hh]

I don't think there is a specific number of days or months, but as with everything with the new law, it will be easier for creditor to prove fraud. Hell, the new law practically presumes that anyone filing for chapter 7 is committing fraud and makes the debtor prove they aren't.
Thus, I am guessing that it will be easier for creditors to go back six to eight months on things like balance transfers and cash advances and prove fraud.

But then again, who knows.

I know that when the burdon of proof is on the creditors they would have to prove to the court that I/We charged with no intention of paying and if they should lose they must pay OUR legal fees as well as their own. Has this changed at all?

I know from doing plenty of research that BK Judges are actually very symathetic towards debtors and are sick and tired of cc company tactics and usually side with debtors, providing the debtor doesn't make luxury purchases in the months before filing. Hopefully the new laws don't change their thinking.