File bankruptcy on payday loans
You can file bankruptcy on payday loans.
Money gets tight, and payday loans can seem like an attractive opportunity. You may be tempted to take out these loans to make ends meet or cover unexpected costs.
At times this may work as intended, but usually it is a trap that clients have found almost impossible to escape from. You borrowed a payday loan just to get by, it was supposed to be a one time deal, but often it spirals and you continue to borrow because now you are short due to the payday loan payments. Now you have 2, 3, or even more payday loans out.
I have had clients with 16 different loans from payday lenders at a single time. Their income could barely cover the interest being charged, guaranteeing that they would never break free from this cycle without something changing.
One of my past clients needed to call off work on alternating Fridays in order to visit the many payday lenders that she owed, and she would renew her loans at each one just to have the money she needed to survive.
One day she was really depressed as she left one of the lenders, and a client who I had helped saw her. The client asked the woman if her payday loans were wearing her down and she responded with a nod of her head.
When the woman came to see me she told me that my client said to her “You need to go see Rick West, those payday loans are dischargeable in bankruptcy. He got rid of mine and maybe he can help you too.” He was right, I helped her eliminate her payday loan cycle and get the financial recovery that she deserved.
You can file bankruptcy on payday loans. Sometimes its the best way out of a situation that has no other solution.
A Cincinnati bankruptcy lawyer knows you can file bankruptcy on payday loans.
As a bankruptcy lawyer in Cincinnati I have been helping clients keep property, rebuild credit, and wipe out debt including payday loans for more than 30 years. During my years of practice the current economic situation is one of the worst that I have seen. More people than ever before are depending on payday loans just to get by, and if they had other choices this would not be the case.
I help these people out every day as a Cincinnati bankruptcy lawyer, keeping them from losing any property, discharging payday loan debt, and even working with them to rebuild their credit. We file bankruptcy on the payday loans, and other debts, and then I help them rebuild credit. So they won’t need to rely on payday loans ever again.
If you are already in the vicious payday loan cycle then this typically indicates you are also facing severe financial problems in other areas as well.
I have been where you are, stressed, feeling overwhelmed by debt, missing sleep, and constantly worrying about the payday loan nightmare that you unintentionally created. If this is the case you need help immediately!
If possible stop all other payments and use the money to pay off some or all of the payday loans that you have. Even if this means getting behind a month on your home.
If it is possible to put the payday loan payoff amount on a credit card then this should be done. You are paying a much higher interest rate on a payday loan, often 125% to 300% or even higher, than you would on any credit card out there.
Whatever you do don’t fall behind on rent or car payments. The last thing you need right now is to end up evicted or with the car repossessed.
Once in a while, not often but on occasion, I have seen payday lenders who are willing to enter into a debt management plan. This needs to be discussed with the specific payday lender, and it normally doesn’t turn out well.
It is usually possible to transfer your debt from a payday lender, the worst when it comes to creditors, over to finance companies with names like Household Finance, Eagle Loan, or Wells Fargo among others.
You could skip credit card payments in order to free money up to be used on a payday loan, but this is not a true solution because it can cause a different set of problems that a bankruptcy lawyer in Cincinnati can explain.
When you miss a payment your credit can be seriously hurt, but at this point that may not be the most pressing concern that you have.
You can rebuild your credit later, right now the payday loan problem is more serious and needs to be addressed as soon as possible.
As a Cincinnati bankruptcy lawyer I frequently see clients who have been SUED by payday lenders, even though these creditors say there is a code of conduct that they follow which advocates against suing for non payment of the loan.
When you signed papers for the payday loan did you notice any fine print stating that you agree you will not file for bankruptcy on the debt? This is a standard practice in the industry and it is extremely deceptive.
Federal law is completely clear on this matter. YOU CAN NOT waive the right you have to file for bankruptcy in this way, it is not a possibility. That means that this fine print is not enforceable, and I can 100% guarantee you that I have helped my clients discharge hundreds of thousands of dollars in payday lender debt.
The payday loan lenders want you to think that these loans an not be discharged through bankruptcy but that is not true at all.
As an experienced bankruptcy lawyer in Cincinnati for more than 30 years I have been working with people to resolve payday loan issues. I have found that these individuals usually have other debts as well, such as medical bills, vehicle loans, credit card debt, and others.
The payday loans that become a vicious cycle are just one symptom of a problem that is far greater. The need for a payday loan means that you are either behind on your financial obligations or that this will happen in the near future.
A comprehensive approach to all of your financial obligations and bills is needed, so that your financial issues are finally resolved for good. One part of this process is repairing and rebuilding your credit.
A common myth is that filing for bankruptcy can not discharge payday loans , and another is that bankruptcy means bad credit forever. I can happily tell you that both of these myths are false.
As a Cincinnati bankruptcy lawyer I help my clients achieve a credit score of 650-700, often within a year once their bankruptcy case has ended. It is fairly easy and takes less time than you may think to rebuild your credit once you have exited bankruptcy when you know how.
Call my office today at 937 748 1749 to learn more. You will be happy that you did, and you can get the debt relief and financial recovery that you deserve.