My lawyer says not to worry, but I am a worrywart. Does anyone know/has anyone had payday loans within 90 days of bk chap 7? We, unfortunately, had like 6 (I know - fell into a trap). We had every intention of paying them, felt we would be able to do it, but then our living situation totally changed and we saw no other option other than to file bk. I was actually in the process of signing up with a debt settlement company (don't recommend it!) and cancelled that when we found out we were going to have to find another place to live (living with family and NOT going well). As I said, my attorney says not to worry, but I am so worried that at least some of them are going to try to claim fraud...
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I'm not for sure about this, but I thought I read somewhere that payday loans are considered cash advances and therefore, it is within 70 days. I'm in a Ch 13, and I included several payday loans, and I know they were incurred within the 90 days, and I didn't have a problem with anything.Filed: 5/22/07; 341 Hearing: 6/27/07;
Confirmed: 8/13/07; DISCHARGED 4/17/2012
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Payday loans are general unsecured debt. Your attorney is correct, you don't need to worry.Comment
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As already stated, Payday loans are just unsecured debt. They are not cash advances against a line of credit.
There's much caselaw on payday loans! I myself had been interested in how post-dated checks are dealt with in a Bankruptcy (not that I had payday loans, but because a credit card company drafted my account after I filed and informed them that I filed).
You can even recover any amounts they take post-petition via post-dated checks or drafts!Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.Comment
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Thanks! Like, I said, I'm a worrywart. It took a year and things hitting rock bottom before I could get my DH to agree to bk (he had, and still does, some really bad, erroneous, preconceived notions of bk) so I really want this to go off without a hitch! Otherwise it will be just another bad decision I've made that's ending up screwing us (maybe he'll start helping me make decisions that affect us all, but I doubt it)!Comment
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