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Can Bankruptcy Help With Payday Loans?

In the long-term, there is no escaping debt by continually using predatory payday loans.

It always starts with “just this once”. Perhaps you need an advance of a few hundred dollars to hold you over until Friday when you get paid. You spend that money before you have it. Then, payday arrives, and they want their money, (plus interest). We call this usury. Flash forward to a week later–and now you’re in the hole again–except you have even less money this week, because the payday lender took interest.

Unfortunately, you couldn’t help but pre-spending this week’s money again because things like gas, food and rent aren’t getting any cheaper. Now you’re back at the payday loans office, but this time you’re here a couple of days earlier than last week. The folks at the payday loan place will welcome you with open arms, and gladly give you your money early. It would be their pleasure. Why? It’ll be your pain when you’re paying through the nose in interest. And it’s the interest that will really get you in the end–which is why filing for bankruptcy sooner rather than later is critical.

They will continue to take advantage of you and your livelihood–the point is, this endless cycle is a big problem, not a solution.

So what is the solution? The best start is to plan your income and expenses as carefully as possible, and then to consider your other options to get out of this endless cycle–namely bankruptcy, loan restructuring, and other debt-related services!

Give us a call today–the Huebner Law Firm can help you get back on track, financially, with a new start.

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