Pre-Bankruptcy

Let's say I've accrued way too much debt and realized the best thing to do is declare bankruptcy. About 30k. I still have about $5000 in the bank.

What would you do to make sure you got the most out of your debt/the cash you have left before declaring? Withdraw it all and put it into bitcoins for darknet spending? Something else I haven't considered?

Keep in mind, you can't do anything that's blatantly fraud or lying. Like I can't get (another) loan for x reason, then withdraw it all for y reason and try bankruptcy. Reason I could withdraw my remaining cash is I could claim I gambled with it in hopes of making enough back for payments.


Comments


[13 Points] Charlie-Luciano:

Withdraw that shit, buy bitcoin with cash on lbc so theres no paper trail whatever. Then claim your bitch girlfriend just stole all your shit and file..


[7 Points] Derrick4Real:

Remember...you have time between now, and the time you declare bankruptcy. You used to have to go through the court system in person. Not sure if that's the case anymore or not.

3 months and $5k...easily justifiable if "spent" .


[2 Points] reviewthrowaway222:

Reading up on bankruptcy law some more, I can use "wildcard" federal exemption for up to 11k for cash or anything else for that matter. Supposedly.

So, hopefully I can just keep that cash liquid. Now I just need to figure out if I could open up/use credit cards in a way that would benefit me even more before filing.


[2 Points] stratusremix:

I've been through bankruptcy twice. You don't 'get the most out of your debt' once you've decided to file BK. No preferential payments, no sketchy cash withdrawals, etc. The most I would do is get cash back at the grocery store or buy gift cards with groceries and keep those handy. Are you above median income for your state? If so, you're lucky like me and the U.S. Trustees office already looks at your case with the 'presumption of abuse.' Even if you're not subject to the means test, don't fuck with the U.S. Trustees.

And unless you're unemployed or something, do not file BK for $30k. Save that shit for when you need it. Good luck.


[1 Points] None:

[deleted]


[1 Points] BayAreaCoins:

Don't bankrupt on $30,000... pay your shit. It isn't very much.

Use a bankrupt card when it is worth it to do so and you get to keep your car/house.