Will I Be Able To Include Payday Loan Debt In Bk?

[tiredofdebt]

I Have Outstanding Payday Loans....and I Want To Know If It Is Allowed To Be Included In My Bk....i Recently Received Them...to Help Me Catch Up On Rent...car Note...and Other Bills.....and Now They Were Taking Way Over Half Of My Check....and Just Left Me In More Debt......

[lrprn]

I Have Outstanding Payday Loans....and I Want To Know If It Is Allowed To Be Included In My Bk....i Recently Received Them...to Help Me Catch Up On Rent...car Note...and Other Bills.....and Now They Were Taking Way Over Half Of My Check....and Just Left Me In More Debt......

Yes, payday loans can be included and wiped out when you file bankruptcy.

As you have discovered, payday loans truly are horrible - a never-ending downward spiral with ever-increasing amounts to pay back. I don't know how these lenders sleep at night knowing they will be ruining desperate peoples' lives every time they sign on the dotted line.

[JRScott]

Payday loans are unsecured debt they can be discharged

[Lindsay]

Pay Day loan companies are as bad as loan sharks! I can't imagine why the government hasn't come down on them.

[tiredofdebt]

and me...being desperate....applied online.....1 company charged $120 finance charge...the other $98 and the other $90......then when i wanted to pay one off....they wouldnt except it because i didn't inform them 3 day's prior...although i sent in a fax stating to do so....which is the only way they will accept it......i got paid on friday.....i got $20 gas....and that is all i have purchased.....i have to pay my rent....my car note....and my baby's day care...(due every monday)....and that is leaving me w/ $17..and i dont get paid for another 2 weeks......im renting an appartment for $1000k....my lease is up in march....but i seriously need to move asap to somewhere cheaper....i want to rent a home......im so stressed...

[HHM]

YES, YES, and YES, and don't let anyone tell you otherwise.

[JRScott]

and me...being desperate....applied online.....1 company charged $120 finance charge...the other $98 and the other $90......then when i wanted to pay one off....they wouldnt except it because i didn't inform them 3 day's prior...although i sent in a fax stating to do so....which is the only way they will accept it......i got paid on friday.....i got $20 gas....and that is all i have purchased.....i have to pay my rent....my car note....and my baby's day care...(due every monday)....and that is leaving me w/ $17..and i dont get paid for another 2 weeks......im renting an appartment for $1000k....my lease is up in march....but i seriously need to move asap to somewhere cheaper....i want to rent a home......im so stressed...

Do they have this taken out of your checking account?

Are you having direct deposit? If so do you have the option for paper checks?

If they are taking the money directly out of your checking account you might have to change banks and open another account and with the nsf charges and stuff that might pile up list the current bank in the bankruptcy. If they aren't taking it out directly that's good

[tiredofdebt]

omg..i just checked on on the 31st..i am now -$580 with my bank...which is where i work at....im devistated..because i closed this account on 8/27 on opened a new account.....i dont know what to do now....as i write this..i am on the phone w/ a rep.

[tiredofdebt]

i feel sick right now......there is nothing i can do about it.....the bank paid them the electronic funds anyway. i dont know what to do..im sitting here at my desk crying .....this is my job

[BKOnce]

Calm down.. ignore them.. meditate your mind... breath in & out... focus ... life is short!... Nothing in this transient world is... stable or permanent... all things/issues are illusionary.. soon everything will gone away...

[tiredofdebt]

right...but i work for this bank.....suntrust mortgage .....although suntrust bank is a subsidary....im in the negative $580......i've never been in the negative.....more than $24..if that.....before....i dont know what to do right now..im not trying to get fired.....if they find out.....i might get fired for just trying to file bk......the payday loan people will continue to take these fees out of my account......i dont know what to do

[JollyGG]

The Bankruptcy Code says:

11 USC 525(b) No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title, . . . solely because such debtor (1) is or has been a debtor under this title . . . (2) has been in solvent before the commencement of a case under this title or during the case but before the grant or denial of a discharge; or (3) has not paid a debt that is dischargeable in a case under this title . . .”

Now admittedly it would be hard to prove you fired for either this checking account mess or the bankruptcy. However, most employers aren't going to risk it and fire you as long as you are a good employee.

[BKOnce]

Start make a list:

1. Today, borrow from mom/dad $600 to pay it, promise pay back by a week end.

2. Weekend come up, start asking sister/brother for $600, pay dad/mom, promise pay back by week end.

3. Next weekend, borrow from relatives 600, promise pay by weekend, pay sister/bro

4. Still keep your golden promise, borrow co-worker.. payback them, etc.

5. Any more you can borrow, uncle/niece,..etc.?

6. Voila`, you have reached a ful month for filing BK next... & payback whoever you still owed by then.. ... Life still goes on as always..

[keepmine]

Have you stopped paying all the debts you wish to discharge in bk? If not, stop now and use that as a source of funds.

[lrprn]

right...but i work for this bank.....suntrust mortgage .....although suntrust bank is a subsidary....im in the negative $580......i've never been in the negative.....more than $24..if that.....before....i dont know what to do right now..im not trying to get fired.....if they find out.....i might get fired for just trying to file bk......the payday loan people will continue to take these fees out of my account......i dont know what to do

Four immediate steps you can take:

(1) Stop any further withdrawals immediately by going to another bank and opening a new account there. Get your paycheck autodeposited there or set up to get your paychecks on paper.

(2) Send a registered, return receipt letter to the payday loan places that they no longer may automatically withdraw from your existing account. DO NOT tell them about the new account.

(3) Give your bank a copy of this letter along with a letter of your own stating the payday loan companies may not automatically withdraw funds from your account.

(4) If you haven't already, start making appointments to interview 3-4 bankruptcy lawyers as soon as possible.

You need to swallow your pride here and do what you have to in these terrible circumstances. Be upfront with your employer and ask for their help - they might surprise you if you explain you made a terrible choice and now can't get out of the payday loan noose. The bank can't fire you just because you file bankruptcy - it's against the law.

Hang in there and don't let your fear and stress paralyze you. Get started doing what you have to do before these sharks take one more bite out of you. If you do nothing, they will continue to bite and bite and bite. Only you can stop it. Get going! We're here to help you any way we can.