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Cash advance and payday loans differences

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Cash advance and payday loans differences

If a regular creditor garnishes your bank account, for example, after you file, that creditor can be made by the cash advance and payday loans differences court to pay you severe sanctions. With a payday lender, the cashing of your post-dated checks also constitutes a violation of the automatic stay against collections. But, as noted above, finding them to execute the judgment for sanctions received is often trickier than it ought to be due to confusing chains of corporate ownership and actual corporate location.

Finally, a further potential complication is raised by the fact that payday lenders generally require payment of their loans within 2 weeks, with compounding fees and interest-rates for failures to timely repay. You are entitled to a discharge of your debts under the Bankruptcy Code and the US Constitution. However, a discharge can be denied in rare circumstances for issues involving fraud or bad faith, as it is termed by the Code.

Individual tell payday advance which are otherwise dischargeable can be determined to be non-dischargeable if some bad faith or fraud was involved in the incurring of the debt. Debts incurred within the 90 days prior to the filing of a bankruptcy petition carry a presumption of bad faith, which must be overcome if the creditor files an cash advance and payday loans differences proceeding (lawsuit) within your bankruptcy case seeking to have the debt declared to be non-dischargeable.

However, a dischargeable debt is discharged unless a creditor files such a lawsuit. Payday lenders, located god knows where and preferring to victimize consumers outside of the scrutiny of judicial authorities, are not likely to show up in your local bankruptcy court to file such a lawsuit.

Cash advance and payday loans differences

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Cash advance and payday loans differences

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Cash advance and payday loans differences