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.
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Just write "Credit Card"
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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 relationship.
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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. Actual legal advice can only be given by an attorney licensed in your jurisdiction, thoroughly familiar with the area of the law in which your concern lies. This creates no attorney-client relationship.
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 communication shall be deemed to be a guarantee, warranty or prediction of the outcome of any case. This communication does not create an attorney-client relationship nor does it create an attorney-client privilege. Susan Dodds only practices in California. You should consult with an attorney immediately that is familiar with cases in your area. We are a debt relief agency, we help people file for bankruptcy under the bankruptcy code.