Hello everyone. I have been researching the forum over the past few days, but I stumbled across some information that might prevent me from filing.
Two days ago, I decided it was time to file for bankruptcy and I talked with an attorney on yesterday. I do have secured loans (7 total unfortunately) and I was down to my last on last month, so I renewed them. After researching tonight, I read that it's not good to renew 60-90 days prior to filing because the debt is not dischargeable. The loans are old (over a year) and whenever I get in a bind, I renew and get the money that I paid into them. I'm going to ask the attorney on Monday, but want to know if anyone have any experience in this or knows what will happen if I file next month. (plan on paying the lawyer in two weeks to file)
Thanks in advance.
Thanks. Talking to your lawyer is your best bet. The reason I asked if they were payday loans was my wife and I made a huge mistake and was stuck in several payday loans. We eneded up defauting them and named them in our Chapter 13. The funny thing is none of them submited a claim so they never received a penny from the Trustee.
Thank you, I will do. Before, he did tell me that we wouldn't have any issues out of the loan companies, but I did not mention that I had just renewed the loans the first of December. It didnt even cross my mind to ask him when I met with him on Friday. I will call him first thing in the morning.
Your lawyer can give you the best advice, but if it's a normal secured loan you should be fine.
You would probably lose whatever money you paid into the loans, but if you recently renewed them it's probably not much if any.
What did you secure them with?