Helping Clients Struggling With Payday Loans
At Goering & Goering, LLC, our dedicated bankruptcy attorneys understand the stress, fear and frustration that some client may experience during bankruptcy issues, such as payday loans. For more than 60 years we have diligently helped clients in Southern Ohio, and Northern Kentucky areas, not only understand how payday loans work, but find viable solutions that help get clients back on the right financial path and have a brighter future.
A payday loan is a type of loan where the lender extends a very high-interest credit based on your income. Payday loans charge their high interest rate for the convenience of short term, immediate credit and are typically made on the agreement that it will be repaid when the borrower gets their next paycheck. These can also be referred to as check advance loans or cash advance loans. Once you fall behind on bills, it may seem like you have no reasonable options.
It has become more and more common for people who have “maxed out” credit cards and accumulated other debts to take out payday loans — sometimes called payday advances. In most cases, doing this just makes a bad situation worse.
What Are The Disadvantages Of A Payday Loan?
Interest on payday loans is insanely high. Many payday lenders require post-dated checks that they will cash if you do not pay on time, often creating overdrafts and even more bank-related fees.
What Happens If You Cannot Pay Back Payday Loans?
It is important to get help and consultation if you cannot make payments back to your payday loan.
If you default on these loans it can:
- Hurt your credit score
- Affect future loan interest rates
- And even cause your wages to be garnished
If you are considering a payday loan, it is almost certainly time to speak with a Cincinnati bankruptcy lawyer about other options. Consult with our debt relief attorneys as soon as possible to find a positive outcome for your case.
Are Payday Loans Dischargeable Through Bankruptcy?
If you have already taken out one or more payday loans, it may be possible to get them discharged by filing Chapter 7 bankruptcy. If you don’t qualify to file Chapter 7, we can help you evaluate whether a reorganization of debts in Chapter 13 or some other option will work for you.
Experienced Debt Relief Lawyers On Your Side
Some challenging issues may come up with payday loans. One is that the actual business locations of some unscrupulous lenders are difficult to pin down, making it more difficult to stop harassment and provide lawful notice of a bankruptcy filing. We have built an extensive list of those lenders.
We have helped many people in Southern Ohio, and Northern Kentucky overcome serious problems with, payday loans, Credit cards and medical bills and other types of debt. We can help you. Call Goering & Goering, LLC, at 513-838-2407 or fill out our online form to schedule a free consultation today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.