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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Istatement of financial affairs

Customer Question

I took out a payday loan for 1000.00 and a week later i found another payday loan company that was offering a 1000.00 loan for much cheaper interest and payment. Thus i took out a payday loan from the second company, and paid 1040.00 to the first payday company to pay my first payday loan off entirely. With that being said i now still owe for my second payday loan for 1000.00. Do i need to report the payment of 1040.00 for my first payday loan on statement of finanial affairs? I was not favoring this creditor, i just found the same loan for much cheaper payment and interest. Also these transactions were done in the last 90 days.
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato : Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.
cfortunato : Was the payment to the first payday loan company made less than 90 days before you filed your Bankruptcy?
cfortunato : Actually, when you file your Bankruptcy, will the payment have been made less than 90 days before you file?
Customer: Yes the payment to the first payday loan company was made less than 90 days before filing my bankruptcy, i will be filing this week thnks
Customer: Yes the payment was made in less than 90 days befre filing
Expert:  cfortunato replied 1 year ago.
Thank you for your response.

Yes, if the payment will have been made less than 90 days before you file your Bankruptcy, that payment does have to be included on the Statement of Financial Affairs.
However, there is really nothing for you to worry about, as having made such a payment to a creditor does not look bad to the Bankruptcy court, and there are no negative implications for you.
What is likely to happen is the Bankruptcy trustee will demand that the first payday loan company return the payment they received - so this money can be evenly distributed to all of your unsecured creditors.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you

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