If you have ever found yourself in a difficult financial situation, payday loans may have been extremely appealing. Establishments which offer payday loans make it seem easy to get your next paycheck when you need it, however, payday loans are usually extremely expensive and the interest rate and payment structure can cause serious financial problems in the future.
If you are now having difficulty paying back your payday loans on top of your other financial issues, our Dayton bankruptcy lawyers at Rieser & Marx, LLC can help.Contact us today.
If you and your family have been trying to get on top of your debt and you are now considering filing for bankruptcy, payday loans can have a devastating hinderance to families who are already fighting to catch up financially. These types of loans also can cause a cycle of dependency which can be hard to break. While some people only use payday loans once or twice to get out of a financial jam, other people who utilize paycheck advance loans find themselves in a desperate cycle of debt from high interest rates and mounting everyday bills.
If you have outstanding payday loans that are making your day to day financial situation unmanageable, filing for bankruptcy may be an appropriate solution. In a Chapter 7 bankruptcy, a debtor can discharge all unsecured debts including payday loans without repayment. Filing for Chapter 13 bankruptcy can make your outstanding debt more manageable, altering the high interest rates and compounding the debt that you are currently dealing with.
If your daily financial situation is becoming unmanageable due to payday loans or other debt, call our experienced Dayton bankruptcy lawyers in Ohio: (937) 224-4128 or in West Palm Beach, FL: (561) 515-6019.