Oklahoma Bankruptcy and Payday Loans

by Meagan Kania on September 4, 2011

Can Payday Laons be Discharged in Bankruptcy:EZ Oklahoma Bankruptcy Lawyers

Payday loans or payday advance loans can be discharged in your Oklahoma Chapter 7 bankruptcy.  Generally, a payday cash advance loan is considered an unsecured loan and as an unsecured loan is dis-chargeable in Bankruptcy under Federal Bankruptcy Law.  What you must consider is your ability to qualify for the Fresh Start Chapter seven Bankruptcy.  As discussed further in the Oklahoma Bankruptcy Blog,  your ability to qualify depends on many factors one of which is your income level. Many people who file for Chapter 7 protection are able to keep all of their property because they have no non-exempt property. The income qualification looks to the median family income for the debtor and this median family income is different from one state to another.  In Oklahoma as in all other states the median family income or the means test changes from time to time depending on wage information for the State as determined by the IRS.

What If I secured the Payday Loan with personal property:

Sometimes the cash advance firm will require that you secure the loan with certain personal property or with post dated checks.  If this is the case the loan loan may be considered to be secured and if so you may have to sign reaffirmation agreement.  But, be careful some of the cash advance companies will attempt to secure the loan with exempt assets.  If this is the case your Oklahoma Bankruptcy attorney will review the security agreement and determine if it is valid.  If not valid the security agreement will be set aside.

For a free bankruptcy consultation with a local bankruptcy law firm simply call our Bankruptcy Lawyer in Tulsa

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