How long before Payday loan companies go to lawsuits?

Date: Mon, 12/05/2005 - 07:57

Submitted by anonymous
on Mon, 12/05/2005 - 07:57

Posts: 202330 Credits: [Donate]

Total Replies: 1

Here is my situation. I took out 12 payday loans (stupid, yes I know). I defaulted on all of them in November by closing my checking account. I looked into debt settlement but most of these PD companies say they will not work with anyone but me. So, I think my only option is bankruptcy and a lawyer told me that his opinion was that I would qualify for Chapter 7. I also have about $30K in credit card debt. I'm now going to try to save up the $1,000 fee he quoted me so that I can file first thing in January. Question: How long do I have before these companies start to file lawsuits against me or try to garnish my wages?

Hi Bankruptcy laws have changed from 17th October 2005. Pleas

Hi

Bankruptcy laws have changed from 17th October 2005. Please go through this thread given below and see whether you will be able to qualify for bankruptcy.

http://www.debtconsolidationcare.com/forums/bankruptcy-reform.html

Before you file for bankruptcy, you will always have to remember this fact that bankruptcy will tarnish your credit file and it will stay in your report for 10 years. This is often considered to be the last resort when no other option can work in solving it.

You should consider for the filing only when you think that you will not be able to make payments at any cost. After filing for bankruptcy, the lenders won’t be able to take any legal actions against you.

It will be better if you can work out a payment plan with your creditors. Moreover, bankruptcy should not be opted by those people who are aged and without any judgment.

Talking to your creditors now will help you in arranging a payment plan for you. They might also be willing to offer some benefits that will help you in your repayment. If you talk to your lenders, your accounts will get settled for a very less amount and you won’t have to consider filing bankruptcy.

I suggest you to consider the positive and negatives aspects before filing bankruptcy. If you are able to convince your creditors, do not file for bankruptcy.

lrhall41

Submitted by ben on Mon, 12/05/2005 - 08:50

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