If you're wondering whether bankruptcy can help with your payday loan debt, the answer is YES. Payday loans are one of the most common reasons people come in to see us.
How bankruptcy can help will depend on your particular situation and what other debts you might have.
Most of the time, bankruptcy can help you get rid of payday loan debt completely. It will also put a stop to some of the problems that come from your debts: that means no more wage garnishment, threatening and rude phone calls from creditors, or threats.
While dealing with payday loans, a lot of people also get rid of other debts. Most commonly, bankruptcy can help you deal with medical bills and credit card debt. For many people, these can all be eliminated at the same time you eliminate the payday loan debt.
If you have assets you want to keep — like a house or car — your bankruptcy might look a little different. In that case, you might want to file a Chapter 13 bankruptcy, which allows you to create a payment plan based on your income and specific needs.
Even in a Chapter 13 bankruptcy, a payday loan shouldn't be a problem. You can likely still get rid of the debt and move forward free of worry.
Castle Law Office has been handling bankruptcies for Kansas City clients from more than 14 years. If you need the fresh start bankruptcy can provide, call us today at 816-842-6200 to speak with an attorney. Or you can email us and schedule your free consultation.