Hire a Bankruptcy Attorney If Bankruptcy Help Needed
Video Transcribed: Bankruptcy Attorney Edward Kelley still in the midst of the Coronavirus craziness. what kind of debts can you knock out immediately?
We’ve talked about medical bills, credit cards, and now the other biggie that I see in typical bankruptcy’s are, signature and payday loans, and a post-dated checks. That comes up a lot and that can get a little crazy, but all of those are unsecured debts.
Now, you may run into some problems if you’ve thrown some post-dated checks out there, but in my experience, I’m not going to give you any kind of definitive legal conclusion on this, but in my experience, once they receive notice of the filing and are thus barred by the federal government through the automatic stay from collecting anything, whether or not you have post-dated checks, they’re no longer allowed to collect.
And I haven’t seen anyone fight that strenuously or successfully. Again, not giving a definitive opinion, may or may not be a court case dealing specifically with that, but that’s been my experience.
Certainly signature loans and payday loans, absolutely unsecured, another issue people have signed on their TV and their stereo onto those. I have yet to see anyone try to collect those.
Since those aren’t purchased money loans, by nature if you’ve listed something for collateral on that loan that you already own you didn’t use that loan to purchase it. Generally, that defacto lien will be defeated by the bankruptcy.
Again, medical credit card, signature loans, pay day loans, and even your post-dated check loans, arguably, are all things you can just knock right out.
As always, you can reach me at 888debtline, firstname.lastname@example.org, or on Facebook at our group, Oklahomans for debt relief. Hang in there, stay healthy, talk to you soon.