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    Question Cash Advances?

    This is all new to me and really I've only started really considering this (BK) as a nescessary reality for myself / us . Is there a different "general rule" for a length of time you can file on cash advances as opposed to using the cards for purchases? We had to take cash for living expenses as my girlfriend was laid off and I, at the same time, took a job making less $$ than I was accustomed to. We have two small children living in the household as well and basically used the cash to get by over the last year. We're looking at 3 accounts basically 66k all unsecured debt? Will I need to wait longer to file a Chapter 7 based on the fact it was all cash or should 9-12 months be long enough? All of the debt is in my name and we are not married. With an income of around 40k and the mortgage in my name only (around 200k which we should be able to keep thanks to some help from my family) do you see any big problems with my filing? Thanks in advance!

    #2
    Did you take all $66k in cash advances in the last 9 months?

    I would say that you need to wait a miniumum of 12 months from the last cash advance to make it better for your Ch 7 filing.
    Filed CH 7 9/30/2008
    Discharged Jan 5, 2009! Closed Jan 18, 2009

    I am not an attorney. None of my advice is legal advice in any way..

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      #3
      No, about 27k id debt I've been carrying over for several years, the cash advances totalled about 36k...I've been told that I should have 8-12 months since I used any account. Does that seem about right?

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        #4
        One rule, sorta, is to not have any cash advances in the past 6 months minumum, longer would look better. Otherwise the "presumption of abuse" will raise flags.

        Do you think your GF will find a job within a year?

        I suggest calling credit counceling first, they may provide the help you need. Also contacting an attorney is a good idea so that you can better show your specifics.

        Good luck.

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