Can Online Payday Loans Be Discharged in Bankruptcy?

Online Payday Loans and Bankruptcy

Consumers who find themselves in a bind may consider getting a payday loan
or cash advance against their next paycheck. There are local locations
in which you may apply for a payday loan in person and get the cash you
need right away to take care of important expenses. Then you have online
lenders that simplify the process and help you get funds sooner without
leaving your home. Such loans may qualify for elimination in
bankruptcy, but there are things to consider when engaging in such borrowing online.

What You Need to Consider Before Getting an Online Payday Loan

Payday loan lenders are known for being loan sharks because they charge
high interest on cash loans well over
100% at times. Because there are interest fees in borrowing that can make it
difficult to pay it back when it is due, debtors may find themselves in
a tight spot taking out more than one loan; trying to cover necessary
expenses while trying to attempt to pay off another loan.

Keep an Eye on Your Personal Information

Consumers should be aware of online payday lenders they engage in business
with. Some may take your personal information and share it with other
lenders who will try to get you to take out a loan with them too. Some
unethical lenders may not have a physical address or way for you to contact
them if you decide to file bankruptcy. They may try to continue to collect
from you even after you have filed your petition. Few even send emails
trying to scare you into making payments by threatening to file legal
action against you. Payday loans are considered a form of unsecured debt
that can be discharged, but you should review concerns you have with a
qualified bankruptcy attorney.

Have Questions About Payday Loans and Bankruptcy? Let us Know

If you have any questions or need assistance regarding payday loans and
bankruptcy you can
contact us here
or set up a free consultation with one of our bankruptcy attorneys that
would be happy to assist you.

Reference:
http://www.txbankruptcyblog.com/2013/11/articles/bankruptcy-news/online-payday-loans/

By Reed Allmand|2020-07-10T05:34:54-05:00December 10th, 2013|Bankruptcy|Comments Off

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