Can A Person in Ohio Eliminate Payday Loan Debt in Bankruptcy?
People having difficulties paying their bills on time often use “payday” loans as a quick fix. If the money is used to keep food on the table or keep the gas on, short term loans may be a worthwhile one time method for finding quick cash.
Unfortunately, many people fall into the trap of using payday loans again and again to pay other bills. The rates and fees charged on these type of loans are ridiculously high.
The good news is that, in general, payday loans are discharged (wiped out) in a Chapter 7 fresh start bankruptcy. The possible exception is for cash advances taken out within 70 days of the bankruptcy filing that total more than $925.00
An experienced bankruptcy attorney can review your situation and determine what debts (if any) will survive your bankruptcy filing.
You can contact bankruptcy attorney Fred Boyk for a free consultation at his Toledo office by calling (419) 327-6160.