$50,000 cash advance Dec 2008?

[JRScott]

Okay contrary to what our government is doing you cannot fix your economic situation by going into more debt. It never works, almost all of us here have learned that lesson. Today you did too, don't beat yourself up to much though as far to many of us have tried that path.

Don't file this year.

Make at least 3 months minimum payments on the 50k advance (more if you can 6 months is better).

Wait for at least 1 year to pass before filing bk.

[usmccop]

Or if you tell them you're going to file BK they might start sueing or a judgement sooner rather than later.

OK... But it is a basic cost analysis issue a creditor considers. A debtor is an only a ratio. They do the ratio, then a 5 min nationwide search, run the numbers, and get rollin. Obviously, every case has a number of variables and different issues. Upon their their analysis the decision is made by them. The they roll.

In 99 I got an attorney on a retainer, did as instructed, 2-3 month ignore, then answered the phone and gave out his info. They call, verify, and back off. But are not required. It costs them bucks to go after you. A legitimate BK probability changes the cost analysis and the ratio greatly. Do a little retainer and works fine. Mine took another 7 months, then served me.... then they were served....done!!

Every case is different, but don't lie, don't hide, time, time file!

[pookieny]

Can you loan me about $1000 so I can pay my bk attorney?

[CatsInTrouble]

Thanks to everyone for the feedback. I've had the card for 10 years, maxing to $100k tons of times, even as recent as early 2008 and paid it back. I'm using the money to fix up a house, and i need operating capitol til it sells. It's a long story, but $50k is only a small dent in my debt. I owe $500k on a unsecured LOC for my old business that is closed now. I've been making the minimum payments on that (about $3700 per mo) for the last 3 years out of pocket. can't do that anymore. On a townhome project I have 6 million outstanding thats going to end up in forclosure. By the time they short sale it, the differerence will be around 2 million? Plus 3 Amex cards and a Discover. I actually lost my $900k investment in the townhome project, plus another $1.8 that i was projected to make. It seemed like a good plan at the time. My 2008 return is going to show about a one million dollar loss. Thanks again for everyone's help

were you a real estate flipper? just a guess, with that bumber...

[CatsInTrouble]

oh duh you said townhome/ Way to read, Cat.

[vicmost]

You have to open an account here:

http://pacer.psc.uscourts.gov/

Costs 8 cents a page, maximum charge is 30 pages/$2.40 per document (some ch13 petitions run about 50-60 pages)

Thanks for the info!
I charged it of course!

[usmccop]

Suits and liens are never good, but for most, not crim, student loans, etc, can be wiped out in a 7 and taken care of in a 13. If you time before u can file, due to a possible objection, stall them and or work out a petty pymt till u can file. Garnishments are embarrassing and can dent your paycheck badly depending on your state residence. Once
u are served working it out is pretty much ain't gonna work. They're gonna proceed as this point an attorney /asset recovery co is involved. But you can take care of this when you file. Get an attorney now. Start makin some pymts to him her, so when you gotta file you u paid the amount req to file.

[adam7050]

Hi Cat, I made a small fortune when the cell phone boom hit in 99, 2000. Had a chain of retail stores when the carriers needed us to expand their customer base at a rate faster than they had the man power to do. They were throwing money at us to open stores and offered huge incentives to increase our volume. It was great while they needed us, but soon enough they were opening corporate stores all over the place, needing us less and less to handle the customer base. I did great, not complaining at all, but i could see where it was going. An RE Developer, a good friend of mine was building as fast as he could, making tons of money, but to build even faster he offered me in as an investor to build 52 townhomes for an initial investment og $900k, and a projected profit of $3.6 that we would split 50/50, in effect tripling my money in about 24 months. If i got in a about a year earlier, it probably would have gone a lot better. So really, i was counting on $2.7 for about 3 years that never came.

So i've been grinding tyrying to get into the flippping game. Not really knowing the game, let's just say, i'm paying of lessons!

I've been living off IRS refund checks, since the cell phone business started losing money in 2005. I'm waiting on $207k now. The problem is that when this big project hits the fan, the $207k isnt gonna make a dent in the 3 or 4 million the bank is gonna come after us for? Not sure what to do til that happens?