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Bankruptcy Law Connecticut

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  • Bankruptcy Law Connecticut

    If somebody took out $30,000 worth of cash advances on multiple credit cards and then declared bankruptcy could any criminal charges be brought up against them? Would anything change if they attempted to pay the debt for several months but then were unable to pay anymore?

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    Originally posted by GTime View Post
    If somebody took out $30,000 worth of cash advances on multiple credit cards and then declared bankruptcy could any criminal charges be brought up against them? Would anything change if they attempted to pay the debt for several months but then were unable to pay anymore?
    If a credit card creditor can convince the bankruptcy judge that the debtor used his or her credit card (for purchases and/or cash advances) in the weeks and months prior to the filing of the bankruptcy petition knowing that he or she was never going to in fact repay the obligation and therefore lacked the intention to repay the obligation at the time the charges were being incurred, the portion of the creditor's balance that was charged in those weeks and months prior to the filing will be deemed nondischargeable & might also be considered fraudulent.

    Also; if you pay just certain creditors for several months right before bankruptcy, it might be considered by the judge as a preferential transfer - paying just certain creditors when there are also other creditors you didn't pay. It isn't allowed & you can have a problem there.

    For the amount of money you are talking about, I would be very careful - you need to talk to a bankruptcy attorney.
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