CC Balance Transfer

Date: Thu, 07/09/2009 - 20:42
Submitted by on Thu, 07/09/2009 - 20:42
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A few years ago I borrowed a large sum of $ from a family member to payoff cc debt. A few months ago I used a balance transfer cc check to payoff the family loan. My spouse recently lost job and now we think we may have to file bankruptcy. Will the balance transfer done a few months ago affect our filing?


Balance transfer also forms a part of your debt from credit card and so it can also be discharged under bankruptcy. I think BT should not affect your filing of bankruptcy. However, if you had made a cash withdrawal, it could have affected your bankruptcy filing.


Submitted by SC on Thu, 07/09/2009 - 22:43

SC

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Was it a balance transfer or a cash advance???? A cash advance is when you got funds from your card and it was paid to you or put in your account this could be a fraud problem... They could and may come after you for that money. Good luck


Submitted by on Fri, 07/10/2009 - 11:05

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I tranferred the $ online directly through the cc website to the Home Equity loan that my family mbr wanted it applied to. (Thats where they got the $ to loan me to begin with but they needed it paid back because they needed to take a home equity advance to pay for home repairs.)


Submitted by on Fri, 07/10/2009 - 12:51

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The trustee asks you in the 341 meeting if you took out any balance transfer/cash advances in the past 90 days, as long as it wasnt within that time period you can file it in bankruptcy. They just look odly at it you took out a large amount then filed right away.


Submitted by on Mon, 07/27/2009 - 08:26

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