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Anyone have payday or installment loan creditors at 341...or one initiate an AP?

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    Anyone have payday or installment loan creditors at 341...or one initiate an AP?

    Greetings everyone..

    I'm new and have posted a couple threads in CH7 section but am curious (and very nervous..as a pro se filer) about my payday loan lenders submitting for an Adversary Proceeding.

    I'm wanting to get an idea of the likelihood so I thought I'd ask for feedback from the forum to see what most have experienced at their 341 meeting in regards to creditors of this type.

    Anyone?

    Kind regards~

    C

    ETA..I have 12 PDLs and 2 installment loans ~ $800 & $2100
    *shudder* Oh my, how did I get to tthis???

    #2
    I had an installment loan from CitiFinancial, the ruthless installment loan people, and other than filing a claim they did not do anything. The installment loan was for $5,000.

    If the amounts are typically less than $4,000 a creditor is not going to file a costly Adversary Proceeding (AP/complaint). The only time a creditor would chose to file an AP for a lower amount (or for any amount) is whether there is fraud or the appearance of fraud, or the loan was on the eve of filing bankruptcy. There is no one who can tell you one way or another whether any particular creditor (installment or payday loan) is going to file a complaint (AP).

    As for the 341 Meeting, almost no creditor ever shows up. The only creditors I have found at 341 Meetings are local banks and credit unions and that is typically to ask about a car (and to take pictures of it if the debtor brought one of the cars to the 341 Meeting). Bottom line, I would not expect any creditor at a 341 Meeting. The only time they would show up is if they have some "real" property.

    Again, it's very unlikely.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.

    Comment


      #3
      Originally posted by justbroke View Post
      I had an installment loan from CitiFinancial, the ruthless installment loan people, and other than filing a claim they did not do anything. The installment loan was for $5,000.
      I made the mistake of getting a CitiFinancial/OneMain loan too. They called me the first couple of days after my due date but I never got too sideways with them, since I paid them to keep them off my back. When I told them I had an attorney and I was filing BK, they were the only creditor to give me parting words, which were "have you considered a DMP?" and "Don't you know that BK will stay on our credit report for seven to ten years?" My replies were "Yes"(the credit counselor told me I should file BK - a long forgone conclusion I made anyway) and "I don't really give a flying flip at this point". All they did was file the proof of claim, no objections. I really wonder how they stay in business with the physical infrastructure and staffing in each office all over the USA, even charging 20-30 percent interest per loan.

      Comment


        #4
        Thank you for your detailed replies, jb & switch..

        I understand there's really know way to know for sure who might file an AP but your comments are relieving to say the least..

        We are clearly have a no asset case, so as I understand it the trustees notice to creditors mentions that this is the case so there is no need to file a claim. Whew!

        Glad to know the likelihood of an AP is not great.

        Your 'flying flip' comment made me laff, switch.

        Thanks again very much!

        C

        Comment


          #5
          Originally posted by HopefulMamma View Post
          Greetings everyone..

          I'm new and have posted a couple threads in CH7 section but am curious (and very nervous..as a pro se filer) about my payday loan lenders submitting for an Adversary Proceeding.

          I'm wanting to get an idea of the likelihood so I thought I'd ask for feedback from the forum to see what most have experienced at their 341 meeting in regards to creditors of this type.

          Anyone?

          Kind regards~

          C

          ETA..I have 12 PDLs and 2 installment loans ~ $800 & $2100
          *shudder* Oh my, how did I get to tthis???
          I'm not sure what an "adversary proceeding" is? did you have any issues with this

          Comment


            #6
            lucielulu209, please make sure you re-read the Forum rules. You are re-opening old threads and not adding any value.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.

            Comment

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