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Payday Loan Blog - Chapter 7 Bankruptcy and Payday Loans

 
 Tuesday, 08 January 2008

You may have done the best you can on your financial record, but sometimes bankruptcy is just a fact of life. If you have run into trouble then you may have run out of options. There is also a chance that you have gotten a payday loan for some quick financial relief. Can this payday loan be included in Chapter 7 bankruptcy? This is a question many people have asked.

Your Bankruptcy

Payday loans are often times very hard to pay off. This really only makes things worse. Sometimes you will sign a contract with a payday loan company that says you cannot include this debt in any bankruptcy you may have. But you should know that this is a clause that cannot actually be enforced by a payday loan company. The truth is that this cause is close to illegal. This is why you need to make sure you undertake any bankruptcy with a highly skilled lawyer. Experienced lawyer will know that you can, in fact, include payday loans in your bankruptcy. Payday loan companies put that clause in a contract because they really want you to pay back in a timely manner. This is the way that they make their money. So know that you are able to put your payday loan on a bankruptcy, but only look into bankruptcy if it is your last option.

Fighting Off Bankruptcy

Many people will say that if you are getting a payday loan that you are only a few steps away from bankruptcy. This actually may be true, but know that it does not have to be true for you. The reason you need a payday loan is because you need short term financial relief. Therefore it is safe to assume your financial situation is currently not as good as you wish. This is why you need to set up a strict budget for your money. You need to get that payday loan paid off quickly, and then you need to work on all your finances. Do not spend money if you do not have it.

Bankruptcy will ruin your finances for 7 years. It is not a quick fix solution that you can forget about the next day. It will really hurt your ability to get credit, and people will start to ignore you when you ask for that credit. So treat your payday loans will as much care as you do all your other financial decisions. Everything will work out for you in the end.

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Tuesday, 08 January 2008 09:25:54 (US Mountain Standard Time, UTC-07:00)  #     
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