Many clients that I see have tried everything to avoid bankruptcy. And, that’s sometimes a good strategy. But, in their desperation, they go to the modern-day loan sharks- payday and title loan companies. Sounds good, right? Just get some money to tide you over until the next paycheck comes? Wrong! But these loans are the MOST expensive ways to borrow money! Their interest rates turn out to be 100-500% interest!
But, you may be on the path to everlasting debt. Many people I see end up “rolling over” the payday loan, so the original $500 that they borrowed becomes $1000.00, plus interest, because they don’t have the money to pay off the loan when payday arrives! And, you might be facing repossession of a car or foreclosure on your home.
Payday loans prey on you, and take advantage of you, at your most vulnerable time. The reason why they charge so much interest is because they can. Even after the payday loan, you will have as much debt, or more. So, the payday loan isn’t the best way to solve your problems.
Bankruptcy is another option. It is important that you talk to an attorney to discuss that option. Chapter 7 (debt elimination) or Chapter 13 (payment plan) may be right for you, depending on your whole situation. We can help you save your house or car, and stop you from everlasting debt. We offer free in-depth consultations, to develop a plan of action to help you and your family.
Daniel J. Winter
BankruptcyLawChicago.com
312-789-9999
Offices in Chicago, Gurnee, Oak Lawn, and Skokie, Illinois
