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Credit card fraud and bankruptcy
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Posted by toomuch
(68.114.149.196) on January 28, 2004 at 13:26:26:
Can someone help me with this problem. I have/had a small business (service oriented) that I run from my home. It is a legitimate business but not incorporated.. It is a DBA. I applied for an Advanta Credit Card for the business. On the credit app it asked for Gross yearly business income. Because I had been doing the business part time and was changing to full time I didn't have an accurate number for this question. I called Advanta and asked them if it was o.k. to estimate based on projected future sales. They said that this would be fine. So...I did and I got the card. Shortly thereafter I injured my arm and could no longer work at this particular service. Therefore for all practical purposes the business has stopped. I am strongly considering bankruptcy for this debt and several others. This one is for $7000. My question is this...Can I be prosecuted for Credit Card fraud in this situation. I do not have the persons name that I spoke to at Advanta about estimating my future earnings but they are continuing this practice. (I called them to test this). So, what will happen, should I worry? I do not have the funds to settle with them and I have no assets. I do not work (only self employed part time).
Thanks
toomuch
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