The dreaded payday loans and filing Bankruptcy

I hope everything goes smoothly for you, I am sure this will be a load off your mind once it's discharged.

you can say that again. its definetly a chapter of my life that i'm ready to put behind me and forget about.

There is a lot of good information here. However, one thing has been left out. Exemptions of assets from bankruptcy. Exemptions vary from state to state. Fortunately, here in Texas, you can choose state exemptions for federal exemptions. Texas is NOT a creditor friendly state. So, I am taking the state exemptions. Creditors cannot garnish: your homesteaded home, your vehicle (you will need to arrange through the court via your attorney on a vehicle), furniture, appliances, tables and chairs, etc. However, if you have more than one TV, they might take one of them. Antiques are not exempt, furs, jewelry and other luxury type things are not exempt.

I was sued by Regent & Assoc. I had already started on my Chapter 7. I told my attorney about it and Regent was faxed a letter that I was about to file bankruptcy. The fools sued anyway and got a judgement against me. However, they can't put liens on anything because they are protected by the state exemption law. So, now they are going to be stuck with their own fees, filing fees, court fees, lose on FIA (some credit card place that has to do with Bank of America).

And, if any creditor knows your bank account, they can put a lien on it. So, if you have payday loans, change banks. They will no longer be paid. Do not give any financial information to a creditor. They are wily and can find stuff you didn't know existed.

When you file bankruptcy, be honest about everything. Don't try and hide assets. If you get caught, your bankruptcy will be dismissed with no discharge of debts. Tell the truth. It will help you more than hurt you.

Just a few tips as my Chap. 7 is filed next week.

Cowboy

hey everyone, its been pretty slow going so far. they say they will have my petition ready no later than 7/27. then i just have to approve it. so hopfully within the next few days it will be ready to file. i need to take my first class this weekend. i havent done it yet but i'm getting ready to. but other than thats its been pretty quiet around here. i'll keep the process updated as it goes.

hey, just wanted to give a quick update. got our counceling class done. it wasnt that bad. it said allow 30 minutes. i'd say it took about an hour to an hour and a half. i didnt rush threw it though. i was hoping i would learn somthing new. although it did give me some pointers to brush up on and start incorporating again. so all in all it wasnt bad.

i also got my rough draft petition. i got pretty much all of the paperwork and questionairs filled out. they pretty much got everything on my credit. the creditors they missed were mainly payday loan companies, many illegal lenders so their info was not on my credit. i went through tons of letters and bills and got most of the info, there are about 4 companies i need to call and get the amount i owe, and the account # so my attny can update my petition. i'm dreading this part, but i know i have to do it. i know they will give me a hard time. i'm not sure if i should just lie and tell them i need this info so i can pay them, or just tell them straight up i need it for bankruptcy. i know they can give me a hard time, but can they really deny me this information? i'm just trying to figure out the best approach. i was hoping i wouldnt have to call them, but i dont really know how else to get this info from them. any advice would be helpfull. so basically thats it. as soon as i get this info from the last 4 creditors i'm missing, i'm ready to turn in my rough draft, they will type up a final. then i have to have 1 final meeting with my attny and then its ready to file. hopfully it will go by fast. i know the worst is over, and still have a little ways to go. but can finally start seeing light at the end of the tunnel.

I'm gonna be defaulting on 6 PDL this week... when they start calling me if I tell them that I am gonna file bankrupt (even though its a lie) will they work with me better?

brokeasajoke- i dont think it would make a diffrence in the way they work with you. most companies dont recognize bankruptcy until you get the acual case # anyways. i had a few places that quit calling, but the majority of them are still calling me. the best advice i can give you, if you truely want to try and pay them back you need to call each individual company and find out what kind of arrangments they can work with you.

Alright i got my creditor list done. i dont know why i dreaded calling the payday loans so much. probably because i spent the majority of my time trying to get them to quit calling me and then i had to turn around and call them myself. but it acually went pretty smooth and fast. not one of them gave me a hard time. i just asked for the info and they gave it. end of call. couldnt have been easier. now i have to meet with my paralegal on friday to go over the final petition and then we should be ready to file anytime in the next week or so.

met with my paralegal yesterday. gave her all my remaining info. we decided to go ahead and file on wed the 25th. i ended up getting served a court summons a few days ago from one of the payday loans. i thought at the time it was kind of funny. my paralegal also said she thought it was funny. she said it cost them 500.00 to take me to court, i only owe them 612.00. i dont know if they are banking on me paying for the court cost as well. but it seems like its not really worth spending 500 to make 112. after all the time and effort. but either way it doesnt matter because i have 20 days to respond to the summons and i will have my case # in a week from today. she said as soon as i get my case # they cant touch me. but she said my case was pretty simple and easy and she expects it to go very smoothly and no problems. so that is good to hear. its been a little over a year since i decided to go this route. and finally not only can i see light at the end of the tunnel but i can see myself nearing the light at the end.

Paralegal is wrong....the court and legal costs are assessed to you in judgemnet so it really wouldnt cost them anything.

thats what i figured. but since it will never get that far, do they still have to eat the fees or do they only pay if they acually end up taking me to court. i mean the've already started the process. dont they have to pay upfront for the filing, and then if they get the judgment they include the court cost in the judgment.

With your bankruptcy filing, they end up eating the fees.

alright, tomorow is the big day. just a little over a year since i decided to file. but a good 7 years in the making, so you can imagine the relief. especially here lately as things have been getting crazy. i'm not really nervous. just ready for it all to be over with. got my paperwork ready, got my appointment in the morning. everything is set to go.

and, i finally got my case #. whew. great timing too, not only did i get served a court summons last week, but i guess yesterday there was a guy harrassing my inlaws saying he was an attorney and was asking them all kinds of questions about me. i called him back after i got my case # and unfortunatly i got his voice mail. but anyways the hard part is done. my attny said i will get a letter from the trustee in about a week, i need to fill out the questionaire and send him any info he request, take my other credit counceling class, show up to my 341 meeting, and after that its just a waiting game. fingers are crossed everything goes smooth and i get a discharge letter in the next few months.

still havent got the letter from the trustee. my 341 meeting is scheduled for oct 1st. i did get a diffrent letter from the trustee saying there were 3 creditors that his letter got returned as "undeliverable". basically it said if they dont recieve proper notification then there is a chance they wont be discharged. i contacted my attorney and he said not to worry about it, that he will handle it. so thats basically it. just waiting around for the meeting to get here.

tomorow is the 341 meeting. i'm kind of nervous but i know it will go by quick and painless. hopfully. i'm still battling with some creditors that keep calling me and sending me letters, i told my attorney and all he said was "give them your case # and they will leave you alone" well, atleast 2 of them havent. i kind of feel like once i give them my case # they hurry up and sell the debt to a diffrent collection agency so they can get out from under it. then the new collection agency starts collecting on it. its just a big cycle. today a lady called from florida claiming to be with the maricopa county check and fraud division and said we were in big trouble. doesnt make sense why a county in arizona would outsource their work to somone in florida? haha. anyways wish me luck as i am ready to get this over with.

wishing you good luck