Cash Advances? Money made on things sold?

[yourbabymomm]

Hi everyone!
We're considering a Chapter 7 and I'm just now dabbling in learning the ins and outs. We haven't talked to an attorney yet.
I have two credit cards from NFCU that I have been paying every month but end up transferring the money back to my checking account as a cash advance simply because I want to keep up on the payments but then need the money for other things. I had cut up the cards months ago, so this is part of the reason I'm transferring the money back rather than using it on the cards, plus they make it so easy..
How would this look? I'm not really understanding the cash advance rule so I was hoping someone could explain it in regards to that particular situation.
Let me tell you someting, NFCU has been a blessing and a curse. A couple of years ago I began to clean up our credit and was able to refinance our car with NFCU, get a very nice overdraft and two cards each for me and DH. Then along comes the typical job loss paired with crappy paying job after that resulting in maxing out all cards, overdraft and being chronically late even after enrolling in NFCU's hardship program. We're just drowning.
I'm glad to meet you all--here's to better times and a fresh start for everyone.
I'm going to go nurse my ulcer ;)

[AngelinaCatHub]

Well the transfers are not good. You must attempt to pay some of it back but you must pay everyone equally. Read the "stickies" at the beginning of this C7 forum. Also for about 17 bucks download the C7 book from Nolo Press. You will learn much from this tool.

You must not file for at least 90 days due to cash advance to your own checking account. If this account is the same as your CC cards, the Credit Union can seize the money.

Read on and use the search feature on money transfers and you will get the idea. 'Hub

Edit: BTW welcome to the Forum.

[liz417]

Hi and welcome to the fourm!

I agree with 'Hub, you'll need to change checking accounts because Credit Unions are notorious for "cross collateralization", they will seize $$ from your account to make good on any loan you are in default with them. I don't know if 'Hub mentioned this, but you state you also refinanced a car through the CU, are you still paying on this loan? If so, your "nice bank" may not be so nice...they will want you to reaffirm that auto loan (and any other loan) you may have with them, most of the time, they don't like "ride-throughs" (do a search, you'll find lots of info regarding this). So, *if* you are upside down on the car, you might have to say bye-bye to it....
As for the cash advances, time is your friend right now.

Good Luck!

[backtoschool]

I agree with Hub and liz417. Get a new account at a new bank and start having your direct deposits going there.

You should wait at least six months to file bankruptcy from your last cash transfer. How big were the transfers? When was the last transfer?

[liz417]

Everywhere says there's a 60/90 day rule for cash advances/purchases, but I think it's best to wait at least 6 months because that was the time frame my Trustee asked everyone at the 341, "have you done any large cash advance within the last 6 months?"
I did A LOT of cash advances ($72k within a year, mostly cash advances/balance transfers) and I waited a year before I filed. No problems.

[frogger]

Welcome. Everything above is good advice. Read, study, ask, and learn.