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I reside in Ohio and I have read over the new law and I am confused-- under limitation on luxury good sec 310 it says "cash advances aggregating more than $750.00 that are extensions of consumer credit under an open end credit plan obtained by an individual debtor on or within 70 days before the order of relief under this title, are presumed to be nondischargeable" . I took the loan on August 9th and I plan to file October 4th to avoid a court date October 5th. which will be within 70 days.

This is NOT an open end credit plan so does anyone know if it can be dischargedl? If it can't does anyone know if I will be forced to pay it back all at once or can I make payments?

THANKS!!!!!!!!!!!!!!!

2007-09-28 08:32:17 · 7 answers · asked by jaynikhole 1 in Business & Finance Personal Finance

7 answers

No wonder you are filing bankruptcy if you take payday loans. Biggest scam going. Worse yet if you don't pay them back.....

2007-09-28 08:36:33 · answer #1 · answered by TexasTek76 2 · 0 1

An open-end credit account is a revolving charge card...one where you have a set limit and can use the card any time you want as long as you haven't exceeded the limit. The payday loan is different. It has a set loan agreement with the debt. I would include it on your list of creditors, and then let the attorney or bankruptcy trustee figure out whether or not they will allow it. Your job is to list everything you possibly owe that you do not want to pay back any more.

2007-09-28 08:40:25 · answer #2 · answered by equal_opposites 5 · 0 0

Yes if you do file bankruptcy you will be able to include the payday loan. Talk to an attorney about that one.

2016-05-21 00:14:38 · answer #3 · answered by ? 3 · 0 0

Talk with an attorney, but if it is a credit/ loan taken out in your name- I think legally you have to claim this debt- no matter when the loan is due to be paid off.

2007-09-28 08:37:05 · answer #4 · answered by mischa 6 · 0 0

I would have your attorney list it.... I think it depends on the file date....i work for a collections law firm and as soon as the case is filed with the court...not the court date itself....all wage assignments stop. I know you dont have a wage assignment, but all creditor action is stopped

2007-09-28 08:38:53 · answer #5 · answered by cubfan681 2 · 0 0

Put it on the list of debts .
If the court decides it is not list-able ,
They will tell you .

List everything , let them delete what is not do-able .

>

2007-09-28 08:52:56 · answer #6 · answered by kate 7 · 0 0

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2015-02-15 19:53:08 · answer #7 · answered by Auroora 1 · 0 0

talk to an attorney. all we can do is guess.

2007-09-28 08:34:58 · answer #8 · answered by MithrilHawk 4 · 0 1

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