Cash Advance Questions

[trouble1]

Hi all. I have read many insights on this forum in regards to cash advances, but I still cant understand one thing. If you have $3,000 in cash advances in August, how many "good faith payments" should you make? I know the more time between the actual charge itself and filing the better, bet if you make charges in August and run in to hard times (like I have) and can maybe only make 1 monthly payment the next month, does that appear to be fraudelent? I obviously am going to wait as long as possible before actual "filing" say 9 months or so, but during that time I wont be making any credit card payments. Once I do file in 9 mo or so, plenty of time will have gone by, but will only paying one payment after the charge come back to haunt me?

Bottom line, if someone could PLEASE clarify for me the difference between "time" between the cash advance and good faith payments.

Thanks!!

[SandyShores]

I'm no expert, but, it is the amount of time (70 days) that you wait after making that cash advance to declare bk that determines whether or not that $3,000 will be deemed non-dischargeable due to fraud. If you have the money then make the payment but if not I'd save it. What's the worst that can happen? You have to eat the $3,000-a small price to pay in the final analysis. In the meantime, since you are waiting 9 months, you can use that "good faith payment" for an emergency-like a flat tire. Nine months can be a long time without something unexpected popping up.

The longer you can draw things out, it seems, the better. It looks less like fraud that way. Of course you can't use your cards but they'll be toast anyway after a few months of non-payment. Some people never declare bk, they call it a "soft bk" because they are judgment proof and others because their state laws won't allow creditors to attach wages or sue them in small claims court and it's not worth the time, money, and/or effort to go through a superior court and then not be able to collect because you turn around and go bk at that point.

Good luck.
SandyShores

[Amy26]

I didn't have cash advances but I had 2 balance transfers one for about 4,000 and the other for about 6,000. They were roughly done 91 days before I filed. I had made 2 payments on them before I filed. Have not heard a peep about them (knock on wood) and I have a little less than a month left. I imagine I would have heard something by now, but who knows maybe they are just being lazy. Hope that helps a little.

[trouble1]

Thank you both for your replies. It is greatly appreciated!!