Des Moines Payday Loan Attorney
When you first started taking them, they seemed like instant cash, and so easy to get. However, since then, payday loans have taken over your life, and your debt has become unmanageable. In a situation like this, speak to a bankruptcy attorney in Des Moines about your legal options. Filing for bankruptcy can help discharge several types of debt, and if you have a number of other types of debt, besides payday loan debt, then a bankruptcy could be the right course of action for you.
What Are Payday Loans/Title Loans?
Many Americans are falling into the trap of payday loans. These are short-term loans that have high rates of interest. You are required to pay back the loan before your next payday. Typically, in a payday loan scheme, you will give the loan provider a post-dated check that he will cash. With the high rates of interest on these loans, before soon, you may have thousands of dollars of debt.
A Title Loan is also a quick way for people to get cash. In this type of loan, you get a loan on the title of your car, and when you repay that loan, the title is returned back to you.
Payday Loans in Bankruptcy
Payday loans are typically treated as unsecured loans in a bankruptcy. That means, in most cases, you will be able to get these loans discharged as part of your chapter 7 bankruptcy.
However, if you choose to file for Chapter 13 bankruptcy, the payday lender is treated just like other unsecured creditors, which may mean that you end up only paying a portion of the debt. The rest of the debt could be discharged.
However, there may be complications, especially with the use of your post-dated checks. Loan lenders also very often challenge the discharge of these loans, creating more complications for you. It’s important to get professional legal guidance from a Des Moines payday loan attorney, before making decisions regarding filing for bankruptcy.
If you are currently stuck in a payday loan trap, know that you have options. There are ways that you can dig yourself out of this mess, and start all over again. Speak to a Des Moines payday loan attorney at the Weaver Bankruptcy Law Firm about your options to resolve your debt, and start over. Call (000) 000-0000 to speak to an attorney today and discuss your case.