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| *Loan,banking and credit>>>payday loan |
Does filing Bankruptcy protect and supercede any contract I made with a creditor, including payday loans? |
Does filing Bankruptcy protect and supercede any contract I made with a creditor, including payday loans? I'm sorry, but some of the posted answers thus far are incorrect. A bankruptcy will protect you from collections on a payday loan. If you qualify for a Chapter 7, the debt will be wiped out. If you file a Chapter 13, the debt will be put into the bankruptcy and all debts will be included in a re-payment plan. One payment will be made to the Trustee and he/she will distribute your money accordingly. I know that a bankruptcy will severely damage your credit, however nobody knows the situation this person is in. The financial trouble may stem from a lay-off, medical emergency, etc. You never know what someone is going through that would lead them to such a desperate option. It simply means you are irresponsible. Make arrangements to pay for the things you received. Not necessarily. You need to talk to a financial professional. You'll be able to wipe the debt away, but bankruptcy will destroy your credit all together. It does take several years to get back to normal after filing bankruptcy, so make sure you understand everything before you file. Talk to your accountant and know all the ins and outs. Good Luck. does bankruptcy hurt your credit appilty It depends when you filed for it. You are still obligable for any loans outstanding, but bankrupcy just protects you from being able to reside or exist without living on the sidewalk....... People have to live somewhere while paying back their loans, bankrupcy allows that, but is limited to how it affects other lines of credit, for example, you might not be issued a bank card, they might make you come inside and do transactions when you have the money, instead of allowing you a debit or atm card..... Bankruptcy doesn't always keep you from paying your debts. Some type of bankruptcy will cause you to hand over all assets except those specifically exempt. The remainder of the debt is reorganized to make the repayment easier for the debtor, usually interest free. Some bankruptcies do however cancel debts. These would cancel out payday loans and any other high interest loans. This type of bankruptcy will severely harm your credit and make your financial future a living hell. But filing bankruptcy isn't the end of the story. Your creditors can file a bankruptcy petition against you in an effort to regain some of their losses. Some bankruptcies are declined and actually end up raising the costs for the debtor. Hopefully your not asking because you need to file. If you do, do your research and good luck! |
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