Comments on: Is there any law that says you can’t cash out all your lines of credit+cards and then save the cash in a box? http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/ Quick Answers to Bankruptcy Questions & Understand How Bankruptcy Laws Affect You Fri, 30 Jul 2010 18:12:11 +0000 http://wordpress.org/?v=2.5.1 By: raichasays http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1978 raichasays Wed, 22 Jul 2009 10:10:05 +0000 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1978 It is very unlikely that you will be able to "cash out" on all sources before they get wise to you. But if you did-- You can be forced into involuntary bankruptcy by your creditors. There will be a "debtor's examination' where you testify, under penalty of perjury, regarding all of your assets, cash and otherwise. Either you tell about the cash and it is then used to pay some of your bills, or you lie and end up in jail for bankruptcy fraud. Even if there is no bankruptcy, there is a concept known as 'fraudulent conveyance'. Sooner or later that money will be spent somewhere and you will be sued for fraud and other nasty stuff. Don't make a bad situation worse. These days, the banks are overwhelmed by possible foreclosures. They really don't want all those houses back. Work with your bank, a realtor and a lawyer to find a legal and ethical way to deal with this problem. It is very unlikely that you will be able to “cash out” on all sources before they get wise to you. But if you did–

You can be forced into involuntary bankruptcy by your creditors. There will be a “debtor’s examination’ where you testify, under penalty of perjury, regarding all of your assets, cash and otherwise.

Either you tell about the cash and it is then used to pay some of your bills, or you lie and end up in jail for bankruptcy fraud.

Even if there is no bankruptcy, there is a concept known as ‘fraudulent conveyance’. Sooner or later that money will be spent somewhere and you will be sued for fraud and other nasty stuff.

Don’t make a bad situation worse. These days, the banks are overwhelmed by possible foreclosures. They really don’t want all those houses back. Work with your bank, a realtor and a lawyer to find a legal and ethical way to deal with this problem.

]]> By: floridaladylaw http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1977 floridaladylaw Sun, 19 Jul 2009 20:35:59 +0000 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1977 Why don't you do this instead of committing fraud (fraudulent transfers would not be discharged in bankruptcy anyway). Go to your bank and TALK to them. Tell them that it is impossible to afford your newly adjusted mortgage payments and see if there is anything they can do to help. Take figures with you (e.g. I mean money coming in versus money going out to show them you are not crying wolf). Lots of people just give up when their teaser ARM goes and and trash their credit. After that happens, the bank, most of the time, won't talk to you but if you go before you start defaulting on payments, they may. Don't feel alone because many people are in the same boat. Take positive action! Why don’t you do this instead of committing fraud (fraudulent transfers would not be discharged in bankruptcy anyway).

Go to your bank and TALK to them. Tell them that it is impossible to afford your newly adjusted mortgage payments and see if there is anything they can do to help. Take figures with you (e.g. I mean money coming in versus money going out to show them you are not crying wolf).

Lots of people just give up when their teaser ARM goes and and trash their credit. After that happens, the bank, most of the time, won’t talk to you but if you go before you start defaulting on payments, they may.

Don’t feel alone because many people are in the same boat. Take positive action!

]]> By: gomanyes562 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1976 gomanyes562 Sun, 19 Jul 2009 00:20:13 +0000 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1976 The damage isn't "already done". Just because you have one problem doesn't mean that compounding it is a good idea. The damage isn’t “already done”. Just because you have one problem doesn’t mean that compounding it is a good idea.

]]> By: sensible_man http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1975 sensible_man Thu, 16 Jul 2009 05:23:04 +0000 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1975 Fraud charges and repayment including the high credit card interest rate. Fraud charges and repayment including the high credit card interest rate.

]]> By: Citizen1984 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1974 Citizen1984 Wed, 15 Jul 2009 00:35:21 +0000 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1974 This sort of financing only works for governments. You will go to prison for fraud is my guess. This sort of financing only works for governments. You will go to prison for fraud is my guess.

]]> By: farien3 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1973 farien3 Sun, 12 Jul 2009 22:01:45 +0000 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1973 The credit card companies can and will enforce a judgment against you forcing you to pay back the debt and attaching any assets you have and part of any future income you make. If you do not have any assets available, you will be FORCED into bankruptcy by the court. Also, since there is evidence that this money was advanced to you, you will have to prove that you spent it or you will be forced to turn it over. If you fail to do so, you can be charged and sentenced to jail time. What you are contemplating is nothing short of outright theft. The credit card companies can and will enforce a judgment against you forcing you to pay back the debt and attaching any assets you have and part of any future income you make. If you do not have any assets available, you will be FORCED into bankruptcy by the court. Also, since there is evidence that this money was advanced to you, you will have to prove that you spent it or you will be forced to turn it over. If you fail to do so, you can be charged and sentenced to jail time. What you are contemplating is nothing short of outright theft.

]]> By: talismb http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1972 talismb Sat, 11 Jul 2009 18:08:57 +0000 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1972 You just asked this question and got a bunch of answers...why not read them? It's fraud, and possibly even theft to do what your asking. You just asked this question and got a bunch of answers…why not read them? It’s fraud, and possibly even theft to do what your asking.

]]> By: Diane B http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1971 Diane B Wed, 08 Jul 2009 09:39:22 +0000 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1971 jail if you are found out -- plus you have to live with yourself and on top of it you are only adding the the problems the US already has -- think if everybody followed your idea. Shame on you. jail if you are found out — plus you have to live with yourself and on top of it you are only adding the the problems the US already has — think if everybody followed your idea. Shame on you.

]]> By: southside http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1970 southside Wed, 08 Jul 2009 04:16:19 +0000 http://www.bankruptcy-help-resources.com/is-there-any-law-that-says-you-cant-cash-out-all-your-lines-of-creditcards-and-then-save-the-cash-in-a-box/#comment-1970 You would have to file bankrupcy, and questions would arrise about what happened to all of this money. You would end up having to pay it back through garnished wages, probably for the rest of your life. What you are talking about doing is no better than robbing a bank. That is taking money with no intention to pay it back. Im glad they made the bankrupcy laws way stiffer a few years ago! You would have to file bankrupcy, and questions would arrise about what happened to all of this money. You would end up having to pay it back through garnished wages, probably for the rest of your life. What you are talking about doing is no better than robbing a bank. That is taking money with no intention to pay it back. Im glad they made the bankrupcy laws way stiffer a few years ago!

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