AUTOMATIC STAYS WONT ALWAYS BE ENOUGH TO STOP COLLECTION ON PAY DAY LOANS. When a consumer files bankruptcy, an Automatic Stay is immediately effective. This means that creditors must cease all collection attempts while the bankruptcy is in process.
However, Pay Day loans can be a little more complicated and require a few extra steps to ensure collection stops. Many Pay Day loan companies require the borrower to submit a post-dated check for the full amount of the loan at the time they get the Pay Day loan. Typically payments are made on a weekly or monthly basis and as long as they continue to be made, the check will not be cashed.
However, in the event that the borrower declares bankruptcy, Pay Day loan companies may have the legal right to attempt to cash any post-dated checks submitted to them. A BANKRUPTCY ATTORNEY CAN PROVIDE SOLUTIONS TO THE CHECK-CASHING PROBLEM. Though the Pay Day loan company may have some rights average apr for personal loan 2014 cash the check, there are also solutions.
Your bankruptcy lawyer can carefully assess your case to decide which is the right move for you.
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48, to regulate short-term, or payday, loans. And then a funny thing happened: nothing. It was as if the STLA did not exist. Not a single lender in Ohio is subject to the law. How is this possible. How can the General Assembly set out to regulate a controversial industry and achieve absolutely nothing.
Were the lobbyists smarter than the legislators. Did the legislative leaders realize that the bill was smoke and mirrors and would accomplish nothing.