payday loan trap

[sofarindebt]

I have taken out 2 payday loans to make our car payment and some other bills. I will be able to pay them back in December, but my atty. advised me not to do any cash advances after meeting with him. If I pay them back in full, will it be considered fraud knowing I would be filing bankruptcy? Also, if they are paid back in full and we file bankruptcy in March, will they consider that a preferential payment and take the money from them to spread out, then say it was fraudulant so now we have to pay them back again?


Another thing is, we are now 90 days past due on our mortgage. If we file after the sherriff's sale, we get 6 mos right of redemption. The problem is, if we file bankruptcy, can they evict us right after discharge? This scares me because we will need to save up money to rent a place, but if we save up all this money to put down on a rental, will the trustee take it, leaving us with nothing when we get evicted?

ughgh!!!!!!!

[SinkingFast]

What State for the Foreclosure?

Generally speaking, Lenders want you out before the Foreclosure Sale. You say you have a 6 month Redemption Period. That means you have 6 months from the time of the Sale to buy back the property. Whether or not you can live in the house will totally depend on your Lender.

Re the PayDay Loans,............. If less than 90 days passes, and the payments are in excess of $600 to each Creditor, then the Trustee may go after the money for the benefit of your Creditors.

It won't be fraud to repay the PayDay Loans. Unless you're taking Cash Advances on CC's to pay the PayDay Loans. That could be a problem.

I don't know how quickly PayDay Loans places move to get a Judgement or Garnishment against non-paying customers. Maybe others with experience in this area will chime in and give you an idea of what to expect there.

[sofarindebt]

I live in MN

and my atty said we have 6 months to live in the property.