Author Topic: Is keeping cash versus a bank account a good way to avoid collectors?  (Read 5105 times)

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Dollar short

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Is keeping cash versus a bank account a good way to avoid collectors? As info my wife and I are retired but she has significant amounts of money in the bank which obviously is over the two month rule. This pre-judgement at this point and involves a foreclosure.

kevinmanheim

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Define significant.

$3000?

$30,000?

siskelsghost

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Ah… ya! They can drain your bank account if they get a judgement.

Bruno the JDB Killer

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Beware the fraudulent transfer charge, best to actually do something with the money rather than just hide it somewhere.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

11181986

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You do not have to beware of fraudulent transfer when it deals with cash in a bank account, ignore the above poster he does not know what a fraudulent transfer is.

It is not fraudulent to take money out of a bank account and put it under a mattress. I do not care what jurisdiction you live in.

Dollar short

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Significant is $30,000.

cabot_lane

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ignore the above poster he does not know anything what a fraudulent transfer is.

I fixed this for you.






siskelsghost

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If you have 30k cash, why not negotiate a smaller cash settlement on the debts? Tell them you can get a family member to "loan" you the money but can only come up with 30%. Tell them to take it or you'll just file BK and use the loan to "start over" - their choice!

11181986

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leave 1 month expenses in bank account, take out the rest and put in a safe if you have a need to avoid creditors seizing cash through a bank garnishment.

Dollar short

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I may win at trial because plaintiff does not have proper documentation including the original mortgage and they are trying to reform the mortgage because I mortgaged a vacant lot 4 times with Countrywide. We are talking about 250K if they win.

Bruno the JDB Killer

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Re: Is keeping cash versus a bank account a good way to avoid collectors?
« Reply #10 on: March 17, 2017 03:28:41 PM »
You do not have to beware of fraudulent transfer when it deals with cash in a bank account, ignore the above poster he does not know what a fraudulent transfer is.

It is not fraudulent to take money out of a bank account and put it under a mattress. I do not care what jurisdiction you live in.


Really? Are you psychic? I'm working on one right now. The laws are pretty much identical in each state. Try reading the statute for a change before you spout off about what people know. OP is in Florida.

"Transfer" - § 726.102(12) - means "every mode, direct or indirect, absolute or
conditional, voluntary or involuntary, of disposing of or parting with an asset or
an interest in an asset, and includes payment of money, release, lease, and
creation of a lien or other encumbrance."

Cash is considered an asset.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.

Dollar short

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Re: Is keeping cash versus a bank account a good way to avoid collectors?
« Reply #11 on: March 17, 2017 03:40:33 PM »
Party , travel , gambling can easily get rid of 30K.


kevinmanheim

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Re: Is keeping cash versus a bank account a good way to avoid collectors?
« Reply #12 on: March 17, 2017 04:24:58 PM »
1. Take the money out in cash.

2. Buy a R/T ticket to Vegas for a day.

3. ___________________________________________________.

4. Come home broke.

5. Hey, at least you tried to win big so you could pay off all your debts.

Dollar short

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Re: Is keeping cash versus a bank account a good way to avoid collectors?
« Reply #13 on: March 17, 2017 05:01:55 PM »
There are casinos all over Florida. Plus tehy have to win the foreclosure lawsuit and they do not have standing on the original complaint.

BrokeBob

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Re: Is keeping cash versus a bank account a good way to avoid collectors?
« Reply #14 on: March 17, 2017 05:49:30 PM »
Please clarify, although I think I already know the answer.

In some situations, in foreclosure they just take the house, and don't sue for the difference.  I've had two foreclosures on the same day, and that was the situation in both of those. 

I gather in this case they are suing for the difference as well?