Stop payday loans by filing bankruptcy and prevent payday lenders from electronically withdrawing money from your account. Payday loans are usually structured in a manner that would make it impossible for you to pay off your loan. Payday lenders often will encourage debtor’s to take more loans to pay off older loans only to be trapped in a spiral of debt that debtor can never get out off.
Get out of payday loans by filing bankruptcy once and for all through chapter 7 or chapter 13. If you are burdened with payday loans that you are unable pay off, filing bankruptcy is the only way to get rid of them once and for all. High interest rate charged by payday lenders make it impossible to get out of debt. Filing bankruptcy is the only legal and sure method to stop payday loans and get rid of the debt.
Stop Payday Loans and Rebuild Credit Within One Year.
Short term payday loans are often not reported to credit reporting agencies resulting in more debt being incurred than the debtor can pay. However once the loan is in default, they are eventually reported and your credit will be ruined. You can file bankruptcy on payday loans and begin the credit rebuilding process. Bankruptcy will eliminate the negative points of payday loans and rebuild your credit in less than one year. I am often asked if filing bankruptcy is the right solution to get rid of payday loans. If you can eliminate your debt within one year, then do not file bankruptcy. But if you can not, it will take you less than one year after the bankruptcy to improve your credit score and rebuild your credit.
Payday loans prey on debtors in difficult financial times with a cycles that is impossible to get out of. Often once fees and payment amount is taken into consideration, debtors are paying more than 100% interest on their payday loans. Government sources warn against use of payday loans entirely because of the abusive interest rates they charge. They are often referred to as predatory lending. You can stop payday loans with filing bankruptcy and start rebuilding your life.
We have been practicing in bankruptcy since 1997 and we only practice in bankruptcy. We offer free consultation to explore options available to you to eliminate payday loans legally. You have nothing to lose, call us for a friendly affordable and approachable service.