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What should I expect next - please help.....

Date: Sun, 08/28/2011 - 07:28

Submitted by scared
on Sun, 08/28/2011 - 07:28

Posts: Credits: [Donate]

Total Replies: 2


I have retained an attorney to file Ch 13 Bankruptcy. We may qualify for Ch 7, but most likely it will be Ch 13 (he is crunching the #'s to determine eligibility). I have 9 storefront payday loans in Iowa that I defaulted on yesterday. I have closed my bank account. I mailed letters to all of the payday lenders, after my bank account was closed, to let them know that I revoke any wage assignment as well as any ACH authorization I may have previously signed. I have only heard from one of the lenders, when I did not show up to pay it off on Friday. I told them that all communication needs to be made through my attorney and provided his name and ph # to the lender. They said thank you and hung up. I haven't gotten any other calls. Does anyone know what I can expect next? I know that BK is considered the "last resort option" but this is my last resort. I am behind on my mortgage because of all of these payday loans and the home is more important to me than my credit score at this point. If anyone has any insight as to the lenders next move I would greatly appreciate it. I was nervous all weekend waiting for the tidal wave of phone calls from angry lenders and it never came. I am sure they will be calling this week. I feel relieved after hiring my attorney but I am still nervous until this gets officially filed. Thank you for your help. Have a great day.