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teresaschmid · Posted: Wed Jun 11, 2008 7:18 pm Subject: Bankruptcy and PDls

Hi,
I visited a bankruptcy attorney today and he said we could file bankruptcy on payday loans which made me
happy until I thought about it and realized that our "loans" are actually checks written on our account. CAN we file bankruptcy on the pdls?
Thanks for your help
Teresa

Posted: Wed Jun 11, 2008 8:58 pm Subject:

Good question I am not sure about that one. I think so, but again I am not 100% sure. Someone that knows more than myself will be along shortly to advise you further.

Posted: Thu Jun 12, 2008 3:30 am Subject:

teresa -

there should be no reason why you can't file bankruptcy on the PDL's, provided they are legal and licensed to lend into your state.

Give your attorney a quick call today and ask him your question - I'm pretty sure the answer will be yes. It sounds like these are storefront PDL's, if you wrote them a check.

Posted: Fri Jun 13, 2008 12:35 am Subject:

Hi teresas, I'm not an bankruptcy expert, hence take my advice with a pinch of salt Smile

Normally, you should be able to get rid-of those pdls by filing bankruptcy. Plds are dischargable under bk.

Regarding the checks, there is hardly a chance that they will hold you for writing bad-checks. The argument behind is that you didn't know that you'll fall into this financial problem at the time you wrote those checks. But before that you're required to revoke the automatic withdrawal from your checking account, because given the option the pdl lender may take-out all the money form it. Write to your bank as well as to your employer to disallow these lenders to debit your account.