Chapter 13 and Cash Call
Date: Thu, 01/10/2008 - 10:33
I am considering filing chapter 13 which would also include filing on my Cash Call loan. I am a little concerned about what may happen next. I have been reading about and have experienced some of the horrible collection tactics they employ. I am wondering if anyone has filed Chapter 13 and included Cash Call. If so, what can I expect? Additionally, upon consulting with their atty, has anyone challenged the terms of the Cash Call contract? I have been researching the law in washington state on contract law. We have statutory provisions that prevent a usury or one sided contract and provisions that cap the interest rate at 12% on personal unsecured loans. The question becomes, does that apply to a company outside of Washington state who contracts with a washington resident. I have found some legal authority that suggests that the controlling law would be where the debtor resides. After all, any other result would permit an out of state corporation to impose contract terms on a Washington resident that an instate company could not do. I am just wondering if anyone has had their atty challenge the contract or was it just included in the bankruptsy?
Cash call is a unsecured debt and can be included in any bankrup
Cash call is a unsecured debt and can be included in any bankruptcy. Once you file the automatic stay prevents all collection activity per federal law.
Cash Call is backed by a bank, and federal law allows them to im
Cash Call is backed by a bank, and federal law allows them to import their home state's interest rate laws. That is how Cash Call gets away with it. They are perfectly legal. Backed by the First Bank of Deleware.
But you can include them on your BK, as long as the debt is older then 90 days.
I filed Chpt 7 and just had a meeting with creditors last week,
I filed Chpt 7 and just had a meeting with creditors last week, but no creditors showed up. One of my creditor is cash call. My atty said that I get my discharge in 2 months