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Can you file bankruptcy on a pay day loans in Colorado?

Rodney Fox

in Student Loans

1 answer

1 answer

Alexa Spicer on February 21, 2019

Yes, loans are considered unsecured creditors. ans BK is always done under FEDERAL Laws, in a Federal Bankruptcy Court. Basically State makes little difference. (Yes the BK Courts operating in certain areas have certain special exemptions and such, minor in the overall, generally intended to make things adhere to the local laws and customs better). Federal Bankruptcy Courts handle cases in their jurisdiction, which is determined without any relationship with the State of the lines or such. There are many, many Districts, according to what the Feds feel are their needs. In a personal bankruptcy, YOU go bankrupt. Is not a debt, not a loan...not a car...not a house or a this or that. ALL of your assets, of all types, MUST be disclosed and reported in BK, and ALL of your liabilities/debts must be too. No exceptions, no picking and choosing. They are all , always involved in some way. BK may stall off a foreclosure for a short time, but it is totally different from that one, and it's NOT going to prevent the ultimate loss for a long time. That is to say, in simple terms, you can pay for your house And all the liens against it, or you lose...there is no magic or legal action that will have a different result. After the presentation and disclosure of all, the court will then order each of them in priorities according to the laws. Some things may be exempt from use or discharge (like your personal furniture and retirement accounts are exempt and child support and most court imposed fines or penalties cannot be discharged) and the rest can be used. With one to pay the other. AGAIN - they ARE ALL INCLUDED AND listed - how or if the BK will effect them is decided by the Court And the Laws. (All possible creditors are contacted and are asked to say what they should may be required to even take out ads to ensure that everyone is notified). Not including everything is lieing to the Court and probably won't have the effect you want anyway. And to think...that in your credit report, ot in the credit application you made (and that creditor wants to know what has happened to him...unless you lied on the application = criminal fraud). Any dealings that I have done for several years is open to scruitiny and review. The court can reverse them, take them out of the BK, or even have been processed as trying to defraud your creditors. (So, no, you can't sell your boat to your brother and then declare BK). Payday loans, while under the current law may be denied discharge (as they renew every 30 days and are therefore too close to filing and are considered made in anticipation of BK), because of how abusive and unfair they are, if you take a little bit before filing, most judges will indeed allow them to be discharged, regardless of the many good arguments the lender has. Virtually all of the penalties and the fines can not be discharged as that is against the "public good'...BK is not designed to allow you to avoid paying for their misdeads and to avoid the consequences of the previous actions of that type. No, it will not decrease your jail sentence. Debts secured by an asset (e.g. a car or house mortgage) have first call or right to the money received from that asset. If it is not enough to pay the debt, the remainder of the debt becomes a general or unsecured claim against the BK., and has a chance to payment on that level too (albeit a lower priority than those who have still not received anything). The end/remaining amount that can't be satisfied is generally discharged by the court...which means that you should not. You get a fresh basically debt free start....many of the that you should not get paid what they expected and hoped that, if anything. There are many other considerations. BK will severely impair your ability to get credit for a very long time, for example. Is on your credit report for at least 10 years...and employers refer to that, like the owners, and more. Many do not trust people with bankruptcies in their past, especially in recent years. Many more things. What you have done, which is available to all, as a matter of public court records, for much longer than the 10 years that is on your credit report. Not disclosing all items is frequently tried and easily discovered, in which case - as you are swearing under oath to the court you included all info - your case is dismissed, and regularly, fraud charges are pursued. (The courts do not take being lied to well). Many seem to fall into the trap of thinking that you can trick or change or especially shortcut the system, or want to believe what they wrongly understand overrides things (like I don't have to report that asset because it is exempt). It's just not going to happen. The courts, Judges, laws, bankers, all those zillions of attornies, etc, have been through this thousands of times for many, many years. The processes are fairly well worked through and prepared for the tricks and games. It is unlikely that discover that has not been attempted a million times before! The Cos that claim they can change your record, or make magic happen (either before or after BK), are scams , and getting caught doing something unsavory (intentional or not), other than screwing up your bankruptcy filing, is frequently considered and persued criminally. (Think your financial troubles are bad, try adding in criminal ones). The legal process and the system of the demand, even for those with experience. Many of your creditors will have an attorney to make sure you get as much as possible, even groups of lawyers who specialize only in bankruptcy. Simply you should/better/need to have one also .

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