One important factor is the type of bankruptcy you file: Chapter 7 bankruptcy: In so-called "liquidation" bankruptcy, cash advance debts fall under the umbrella of unsecured debt (that is, debt not connected to any property) and so may be eligible for a complete discharge from the court.
That is, if your cash advance debts meet certain criteria (see below), the court may be able to completely forgive that debt. If your cash advance debt is discharged in a Chapter 7 case, you will not be legally obligated to make any payments on it. Chapter 13 bankruptcy: In what's also cash instant loans for people on benefits as "reorganization" bankruptcy, cash advances are often assigned a low repayment priority.
In Chapter 13 cases, filers repay their secured unsecured debts over a period of three to five years; in many instances, low-priority unsecured debts (which often include credit card debt, medical bills and cash advances) may be discharged at the end of the case. Time Concerns for Cash Advances in Bankruptcy. The other important piece of the cash-advance-and-bankruptcy puzzle is the age and amount of your cash advance debts. Here's a look at some numbers.
Cash advances: Whether in the form of a payday loan or an advance on your credit card, cash advances must be more than 70 days old if they total 750 or more in order to be eligible for a bankruptcy discharge.
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Since the Texas Legislature assigned the agency the duty of overseeing payday and title loans in 2011, its been stretched thin. The consumer credit commission has 30 field examiners to cover 15,000 businesses, including 3,500 payday and title lenders. Although Id love to take a bunch of folks and go at that one issue, said Aguilar, the director of consumer protection, I dont have that luxury at the moment.
Aguilar said his team finds violators when consumers complain or when the agencys examiners visit one of the stores for an inspection. Only two customers, including Tillman, have ever complained to the commission. Its a difficult situation, Aguilar said. People get put in tough situations where theyre just not armed with enough knowledge to deal with [payday lenders], and they get intimidated.