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Money Transfer before bankruptcy

If I have a loan that was cosigned and I used a credit card to pay off that cosigned loan and then declared bankruptcy would that be considered fraud?

Posted from: Quebec

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One Response to “Money Transfer before bankruptcy”

A licensed trustee said...

You already know the answer to this question – yes, using a credit card advance to pay off another loan just before you file for bankruptcy may be considered fraud.

Turn things around, let’s say you lend your friend $5,000 today to pay off their VISA card and tomorrow they file for bankruptcy – how angry would you be?