south carolina payday lending bill

Chapter 13 vs. Chapter 7 Bankruptcy

In the Bankruptcy Quick Chart below we have answered your questions in an easy format making your filing process easier. Find out which bankruptcy is right for you in our Chapter 13 vs Chapter 7 table. Learn the subtle, but important, distinctions between Chapter 7 and Chapter 13 bankruptcy. If you feel this chart does not answer your specific questions regarding filing bankruptcy, please complete our Free Confidential Evaluation Form for a no obligation chat with a local bankruptcy attorney.

Chapter 7 Bankruptcy allows the bankruptcy court to liquidate your nonexempt assets and use the proceeds from the sale to repay your creditors. Chapter 7 Bankruptcy can generally be completed 90 days from the date of the 341 Meeting of the Creditors. Debts which are immediately discharged under Chapter 7 Bankruptcy can include credit card debt.

Under Chapter 13 Bankruptcy the debtor creates a 3 to 5 year debt bankruptcy repayment plan to repay creditors; payment amounts are based on a strict expense-to-income formula. After the debt repayment plan is complete, all debts included in the plan are discharged. Debts not included in the plan and non-qualifying debts (i.e. student loans, child support, and spousal support) are not discharged. Liability for the debt ceases when the plan is completed and the court enters a discharge order.

Can it immediately discharge personal unsecured loans? Chapter 7 Bankruptcy will discharge personal, unsecured loans if they are for credit extensions which were based on the creditor's evaluation of the debtor's ability to pay and there is no collateral which can be seized by the creditor if the debtor defaults on the loan due to their inability to pay.

Chapter 13 Bankruptcy is a repayment plan and unsecured debts, such as personal loans, will be included in the plan. A Chapter 13 Bankruptcy trustee is assigned to enforce the 3 to 5 year bankruptcy plan and will pay the creditors according to the plan. General unsecured debt (credit cards, medical bills, personal loans, utilities, payday loans and personal signature loans) may not be paid in full. If the unsecured credit balance was not paid in full by the end of the plan, generally, the remaining balance is eliminated or discharged.

I took out 3 Payday Loans and cannot pay back, what are my options ...

Posted 4 days ago

If you have activity in your bank account, it could be a mess if you close it. Like other debits, checks, etc. You should only close your account if all checks and transactions are cleared. Anything that comes back (like a check or electronic check) on a closed account that you authorized is considered a BAD CHECK and it’s a 1st degree misdemeanor (a crime)! You would have to make sure you checks are cleared and notify them not to debit your account (that you’ll pay it a different way). If you dont pay, than they can take you to court, ruin your credit, garnish your wages, or put leins on property (current or future you might have). They can also collect legal fees and interest added on to the whole amount. Your better off getting a loan somewhere and paying them ALL off!

Posted 4 days ago

The first thing you should do is contact the Payday Loan places and tell them that you cant afford to pay off the whole balance on time. Rather than bailing out, ask them if they could not draft your account, and ask if you you pay some each week, or each payday, however you and them choose. Getting their money back is the name of the game, and though that way is definitely unsavory, it still will get you and your debtors to the same result: They get their money, and you settle a debt.

Making an effort to pay off your debts goes much further than ignoring them.

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