Payday Loans Cost Too Much - If You Can't Pay, Consider Bankruptcy

J Thomas Black
Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization
Posted on Sep 26, 2013

Many people don't know that payday loans can be discharged or canceled in bankruptcy, just like any other unsecured debts, like credit card debt. Many of my clients, before they came to see me, became trapped in a cycle of paying payday loan companies, until they just couldn't do it anymore. It's no wonder they can't pay them, the interest that they charge is very high!

If you cannot pay them anymore, and they are calling you constantly or coming by your home or place of business, call our office and come in and see us. We will listen to your situation, and give you options on how to deal with the payday loan companies, as well as your other debts.

Filing chapter 7 bankruptcy, if you qualify, can completely discharge or cancel all of your ordinary unsecured debts like payday loans, credit cards, medical bills, doctor bills, broken leases, defaulted cell phone contracts, most debts that most people have. A few types of debts cannot be discharged like recent taxes, child support, and student loans with some exceptions.

Filing chapter 13 bankruptcy also puts the stop on collections and unsecured debts, but it also lets you refinance cars, usually at lower interest rates, catch up delinquent house payments, pay taxes over time, and many other things. We'll show you how it works in your case, when you come in to see us. Call our office today for your first consultation, 713-772-8037.

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