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We Are Stressing Over Our Payday Loans and Moving

By on September 24, 2018

Question:

Dear Steve,

My wife and I moved to Las Vegas, NV. two years ago we fell into the payday loan and installment loans from plain green, rapid cash, and opp loans. We stopped making payments because we were going to end up homeless. We owe a total of about 7,000. We are moving to Georgia next week. The loan company’s say they are going to start legal action.

I guess my question is… how long before they can hit my wife’s check and can we file bankruptcy on the loans. They tried to settle but we cannot afford what they want per month. We are Stressing! Than you!

Anthony

Answer:

Dear Anthony,

If you are already delinquent on the loans then they could already report that payment history. You may want to take a look at your credit reports for free and see what is on them. Go to AnnualCreditReport.com or CreditKarma.com for the report and free tools.

Filing bankruptcy as you leave town is a bit problematic.

The 730-Day (2-year) Rule
Before you can use a state’s bankruptcy exemptions, you must be continuously domiciled in that state for at least 730 days (2 years) prior to your bankruptcy filing date. Otherwise, the 180-day rule determines which state’s exemptions you must use. As a result, if you recently moved to a new state and want to use that state’s exemptions, you will typically need to delay filing your bankruptcy.

The 180-Day Rule
If you have not lived in your new state for at least two years, then you have to use the exemptions of the state where you were domiciled for most of the 180-day (6 month) period before the two years preceding your bankruptcy filing. So if you still want to use your old state’s exemptions, this rule can help you as long as you file your bankruptcy within two years of moving (otherwise you will have to use your new state’s exemptions). – Source

You will be able to discharge the payday loans through bankruptcy and I suspect you have little in the way of assets that would not be protected in bankruptcy in either state. However, the only way to tell is to contact a licensed bankruptcy attorney in Nevada or Georgia and discuss your situation with them.

READ  Is Consolidating Debt the Way to Go? - American Chronicle

Decide which is the most pressing issue. Is it the move or dealing with the debt?

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

One Comment

  1. Anthony

    September 24, 2018 at 12:33 pm

    Question asked.

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