May File if Biz Venture Fails - Advice?

[onthefringe]

Hello, first off thank you for helping with your responses. I am so thankful I have found such a informed forum on this topic.

My situation:
- live in los angeles california
- currently have 30k in credit card debt
- remaining credit available on credit cards about 25k
- no assets - no car, no house, no major valuables
- income for last 2 years, under 20k per year
- currently have no income
- it seems like I may qualify for chapter 7...


My proposed situation:
- planning to "balance transfer to cash" an amount of 25k from my cards to invest in new business venture
- i plan to use my balance transfer money to pay for living expenses, credit card bills, attempt to start new business; for at least 6 months



Possible outcome:
- my venture fails, and I am in 55k in credit card debt


Questions about possible outcome:
- will my doing a "balance transfer to cash" of 25k be viewed as income in that year?
- will my "balance transfer to cash" count as "Presumption of Abuse"


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Side random question:
- if they ask about the business that i invested in, what will i need to show? what will count as a legit investment?
- what is to say someone didnt do a "balance transfer to cash" to become a professional gambler... then lost it all (im NOT planning to do that btw)


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thank you guys so much

[JRScott]

You'd have to wait probably at least 1 year after such a transfer to file bk.

Honestly I wouldn't suggest it. Contrary to how our government thinks, you can't fill the hole by digging it deeper....