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I have a large number of payday loans and a couple of outrages interest rate loans from the same companies that give payday loans. Can I file chapter 7 on them?
11 ANSWERS
Yes that you can do together with the rest.
Answered on May 20th, 2016 at 6:40 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Certainly, payday and other abusive loans are exactly what bankruptcy is intended to cover. If you have payday loans which are automatically deducted from you bank account or have presigned checks, you'll want to zero or close that account to prevent those payments from going through
Answered on May 20th, 2016 at 6:39 PM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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Generally speaking, yes.
Answered on May 20th, 2016 at 6:39 PM
You must list all your debts in any bankruptcy filing. Payday loans are no exception to this requirement. However, you may not be able to eliminate any recent loans by filing bankruptcy, so do not think you can rip off a lender by borrowing money and filing bankruptcy the next week. And most people I see who have payday loans do not have a sufficient amount of debt to make filing bankruptcy worthwhile. So you have a lot to consider.
Answered on May 20th, 2016 at 6:38 PM
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Yes, payday loans are just like any other unsecured creditor. However, you cannot have the recent payday loans and expect to discharge them. They must be at least 90 days old.
Answered on May 20th, 2016 at 6:38 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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The answer is yes. In fact you must list all the claims against you whether you want to or not. Of course, there are some kinds of debt which are not dischargeable in bankruptcy, like those arising from fraud, larceny, deliberate damage to property or physical injury to people, and some others. But raising the issue in BR Court is irksome and somewhat expensive, so few creditors try it. Good Luck.
Answered on May 20th, 2016 at 6:38 PM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Yes, payday loans can be discharged in Bankruptcy.
Answered on May 20th, 2016 at 6:37 PM
Real Estate Attorney serving Florence, KY
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Linda S. Novakov & Associates, PLLC
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When filing chapter 7, you must list every one you owe and everything you own. This includes pay day loans. These are no different than any other creditor.
Answered on May 20th, 2016 at 10:33 AM
Creditor's Rights Attorney serving Clayton, MO
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Fluhr & Moore, LLC
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Yes.
Answered on May 20th, 2016 at 9:12 AM