What do I put on Schedule F under Consideration for credit cards used for Balance Transfers or Cash Advances?

Asked about 1 year ago - North Hollywood, CA

I am filing Chapter 7 (no assets). I can't afford an attorney, and can't find the answer to this anywhere. I have numerous credit cards that are mostly either from Balance Transfers or Cash Advances or both. What do I show for "Consideration" on these debts on the Schedule F form? The money was used for living expenses, making mininum payments on the credit cards and paying balances on other cards.

Thank you.

Attorney answers (4)

  1. Lisa Margaret Volquardsen


    Contributor Level 8


    Lawyers agree

    Answered . A more important question is how recent were the balance transfers and cash advances? Such actions within 60 days of filing are presumed to be fraudulent. You may want to put off your filing for a time. For consideration, you can put put living expenses, bills, medical, etc. Identify the things you used the funds for. You should at least have a consultation with an attorney. Most bankruptcy attorneys offer a free consultation. Good luck.

    This answer is for informational purposes only and is not intended as legal advice or to create an attorney-client... more
  2. Aalok Sikand

    Contributor Level 12


    Lawyers agree

    Best Answer
    chosen by asker

    Answered . Just write "Credit Card"

    Free consultation. Direct line- 855-637-0938 .24/7. Video/Phone/In-Person. aalok.sikand@gmail.com. I provide my... more
  3. Andrew Daniel Myers

    Contributor Level 20


    Lawyers agree

    Answered . Balance transfers and cash advances are a problem. See U.S. Bankruptcy Code Section 523. Bankruptcy law and procedure throw many complexities at those who file. Many are not apparent. Trust me, you can't afford not to obtain an experienced bankruptcy attorney to assist. CLICK BLUE LINK BELOW FOR MORE INFO

    Law Offices of Andrew D. Myers, North Andover, MA & Derry, NH provide answers for informational purposes only.... more
  4. Susan J Dodds

    Contributor Level 9


    Lawyer agrees

    Answered . If there were balance transfers or cash advances, then you have a problem. Review the Bankruptcy Code or consult with an attorney regarding how to address those issues.
    You should also be cautious of any purchases that were made prior to filing.

    If the credit cards were used for standard purchases (groceries, living expenses etc.) then you could just be put credit card.

    You should consult an attorney for advice regarding your individual situation. Nothing in this response nor any... more

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