Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Chances of AP

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  • Chances of AP

    Hello! New to the forum. I'm about to file a chapter 7 with my lawyer. I'm a little confused about AP's and was wondering if anybody could give me some insight to my situation. I have an elastic loan that i'm concerned about. The terms & conditions of the elastic loan state that it is an “individual consumer loan product”. However, when I read the definition of an “open end credit plan” from section 103 of the truth in lending act, this definition is more in line with what the elastic loan actually is. I borrowed money from the elastic loan to help pay my everyday expenses because I was in over my head. However, if this is considered an open end plan, then the possibility of non-discharge is possible for cash advances more than $750 within 70 days. I took out the following advances within the last 70 days from today’s date (1/29/18).
    11/22 $400
    12/12 $300
    12/21 $500
    1/04 $840
    1/11 $300
    Does this mean I could be liable to pay back $1,590 (minus the $750)? I guess i'm curious should I wait 70-90 days to file or is this such a little amount I should not worry. Any advice welcomed, I'm very stressed about the situation. I want to file ASAP before the collection calls start on all my debts. I've already stopped paying all debts under advice of my lawyer.

  • #2
    It may not even be an issue. You can either wait until the 71 days have elapsed or take the chance. It's also $925 as the amount has changed. The likelihood of Elastic filing a complaint -- which costs thousands to prosecute -- is very low. I would follow your attorney's advice.
    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.


    • #3
      Originally posted by justbroke View Post
      It may not even be an issue. You can either wait until the 71 days have elapsed or take the chance. It's also $925 as the amount has changed. The likelihood of Elastic filing a complaint -- which costs thousands to prosecute -- is very low. I would follow your attorney's advice.
      My attorney is suggesting we wait until April to file, so that enough time has elapsed. I guess I'm just in a rush to file because I've never been late on a single credit card. I hate to be late on all of them for 3 months straight. Will it really effect my credit any worse than the bankruptcy marking?

      Thank you for the input.


      • #4
        I would agree with your attorney. Waiting a few months can only benefit you. When you're filing BK, your credit (probably) already sucks. And the chances of any creditor taking legal action against you before filing is low at this point. Don't feel bad about being late or missing payments at this point. It's better to not take that chance. And it gives you time to save up to pay your attorney. Once your attorney has collected some money, you can tell your creditors that you have retained an attorney for bankruptcy, and be prepared to give the creditor their name, firm name, and address. They should leave you alone after that. And one of my creditors when I let them know they were very polite about it even though I was already behind two payments. All the best.


        • #5
          I second the advice to wait a few months before filing. You should not be in any hurry--you didn't mention any pending lawsuits or garnishment, or even any aggressive collection calls at this time. It takes 6 months of nonpayment for your debts to charge-off, and that's when creditors begin to consider legal action, though most will wait a LOT longer. Just wait another 3 months--without paying anything toward your debts, or using credit, and then file.


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