Can I Include a Payday Loan in My Chapter 7 or Chapter 13 Georgia Bankruptcy?
Payday loans can be discharged in Chapter 7 or Chapter 13 Georgia bankruptcy case.
Chapter 7 or Chapter 13 Georgia Bankruptcy
Many debtors take out short-term payday loans because they simply feel that they have no other alternative for obtaining debt relief in Atlanta, Georgia. However, as many have discovered, payday loans only create more problems and further weaken an already fragile financial situation. The good news is you can list your payday loans in your Chapter 7 or Chapter 13 bankruptcy case in Atlanta, Georgia.
Although payday loans are a way of obtaining fast cash, is not advisable to take payday loans under any circumstance. Payday loans are highly controversial because the annual interest rates charged can be as high as 500%. In fact, the military considers them so risky that it has banned active duty members from taking out such loans. For example, with an annual interest rate of 500%, a loan of $200 will become a debt of $1825 in just one year. Fortunately, Chapter 13 and 7 bankruptcy filings in Atlanta, Georgia can discharge payday loan debt. Often, debtors who have payday loans also have other significant financial problems, such as car repossession, foreclosure, and high credit card balances that can be resolved by filing bankruptcy in Georgia. Debtors often take payday loans to keep their cars or homes, but many people do not know that they can keep their cars and keep their houses even when they file bankruptcy in Atlanta, Georgia.
Chapter 7 and Chapter 13 Bankruptcy in Atlanta, Georgia
If you are struggling financially and taking payday loans to keep up, you may want to consider filing bankruptcy in Atlanta, Georgia. Please contact the Law Offices of Charles Clapp at 404.585.0040 to schedule a free initial consultation.