Credit Tips: Bankruptcy After Creating a High Credit Balance?
Posted On: November 1, 2004
Author: GuEsT
Posted: Mon Nov 17, 2003 10:06 am
Post subject: Borrowing $$ from a Credit Card to open a business
I have NO cash but a lot of available credit. I’m looking to buy an exisiting bagel store for $170,000 (85K down and the seller will finance the other 85K). Is it feasible to take out the 85K from credit cards? Not necessarily as cash advances but by transferring all of my available to one card thus creating a HIGH CREDIT Balance then requested the credit refund. This way I avoid Cash advance APR rates and cash advance transactions fees. Well anyways, to my MAIN question. If the business fails and now I’m 85K in credit card debt, can I file for bankruptcy? There will never be anyway possible I’ll be able to pay this back. Please help!!
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