Payday Loans, Relief & Bankruptcy
For people who are in a difficult financial situation, the idea of getting your next paycheck now can often be attractive. The fact is, payday loans, paycheck advances and short-term loans tend to be some of the most expensive loans available. The interest rate and payment structure can be devastating to families who were already fighting to catch up financially.
There are people who use payday loans once or twice to get out of a financial jam like an expensive car repair or an annual insurance policy coming due. However, many other people who utilize paycheck advance loans find themselves in a desperate cycle of having their next check spent before they even receive it.
Did You Know?
Many payday loan documents include a clause that the loan is not dischargeable in bankruptcy under any circumstance. While it is important to pay attention to the language in a payday loan contract, that doesn't necessarily make it enforceable by law. In almost all cases, the clause stating that a payday loan is not dischargeable has no basis in law and is strictly a scare tactic. To make sure that you're getting accurate advice about your options for protection under the U.S. Bankruptcy code, call the lawyers at Wendling Law Office today.
You Can Discharge Payday Loans through Chapter 7 Bankruptcy
If you have outstanding payday loans that are making your day to day financial situation unmanageable, the protection offered under the U.S. Bankruptcy code can help stop the vicious cycle and give you a fresh start.
Short Term Loans that are difficult to discharge
Secured short term loans (Car Title Loans)
There are several short term loans that are secured loans, where you put up an item (typically the title to your car) as collateral for the loan. These loans are dischargeable if you are willing to surrender the property offered as collateral. However, if your intent is to keep your car, there are several options available.
If your day to day financial situation is becoming unmanageable due to payday loans, credit card debt, medical bills or any other type of debt, call the experienced bankruptcy lawyers atWendling Law Office for a free initial consultation. You do not need to gather all of your financial documents to simply have a conversation about the protections offered under the U.S. Bankruptcy Code. If you bring a basic understanding of what you own, and what you owe, we can typically provide you with the information you need to make a decision and take the first step towards regaining your financial peace of mind.
Contact the St. Paul & Burnsville Payday Loan Relief and Bankrutpcy Lawyers at Wendling Law Office Today.
From our office in Burnsville, the experienced bankruptcy lawyers at Wendling Law Office can help you achieve a new financial beginning leaving credit cards, medical debt and payday and other short term loans behind.