Payday Loans Are Dischargeable in Bankruptcy
Taking out payday loans may have been necessary at some point in your life to cover critical expenses. However, they carry very high interest rates, and if they are not repaid, the carrying charges can quickly consume your income.
If you have significant amounts of payday loans and other unsecured debts, filing bankruptcy may be the solution for you. Bankruptcy can eliminate or reduce your levels of unsecured debt, giving you greater cash flow that can enable you to cover your living expenses and remaining debts.
Cost-Effective Debt Relief Solutions
At Minnillo Law Group Co., LPA, we regularly use the bankruptcy system to obtain the discharge of payday loans and other unsecured debts. Our firm provides cost-effective representation and responsive service. Call +1-513-723-1600 or contact us online today to learn more about your debt relief options.
Payday loans, along with credit card debts, medical bills and personal loans, are usually unsecured debts. In contrast, a car loan or home mortgage is a secured loan, because the borrower has pledged property in return for the loan.
As an unsecured debt, a payday loan can be discharged in Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, any remaining payday loans can be discharged at the end of your repayment period. Minnillo Law Group Co., LPA can lift the debt burden from your shoulders. Get legal help today.
How Personal Loans Are Handled in Bankruptcy
Personal loans you get from lenders, family members and friends are dischargeable in bankruptcy, too. However, you may not want to default on loans you have gotten from family and friends.
Before filing Chapter 7 bankruptcy, you may be tempted to repay those loans from family members or friends. However, there can be severe consequences if you do so. You should get legal advice before paying a loan to a family member or friend. An attorney at our firm can review your situation and provide guidance on the legal steps you can take, as well as those to avoid when planning to file bankruptcy.
Free Consultation With a Lawyer
Call +1-513-723-1600 for a free initial consultation about discharging payday loans in Ohio and Kentucky. Bankruptcy lawyers at Minnillo Law Group Co., LPA want to help you get a fresh financial start. We offer exceptional representation and unsurpassed personal service. We have locations in Cincinnati, Eastgate, Fairfield and Covington.
We are a law firm and a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.