Bankruptcy Attorneys in Tacoma
Tacoma Bankruptcy Attorney

Tacoma Bankruptcy Attorney

Erin M. Lane

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Tacoma, WA Bankruptcy Lawyers

Wipe Out Pay Day Loans

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Wipe out your pay day loans with bankruptcy.

In Washington State, pay day loans can be totally wiped out with bankruptcy.

Though we constantly hear complaints that pay day loan companies tell their customers the debt can not be discharged in bankruptcy, that is not true. Pay day loans are totally wiped out in bankruptcy. They are basically just another unsecured debt such as credit cards or medical bills.

The thing that makes pay day loans different is that they are holding a post dated check to be cashed on payday to pay back the loan. The check is for an amount greater than the loan. That works out to a huge rate of interest. Many people find that their financial situation is still far from stable when the loan comes due and they have to take out another pay day loan. At some point the pay day the loan company will turn the loan into an installment loan.

The reason people may believe that a pay day loan is not discharged is that writing a bad check is fraud. The difference between writing a bad check and a pay day loan is that you are not trying to deceive a pay day loan company into believing you have money in your account to cover the check. The whole point is that you do not have the money on the day you take out the loan. In that way a pay day loan is really just like any loan. It’s just that the method of payment is different.

You are only committing fraud if you took out the pay day loan with the plan of filing bankruptcy. Fraud is a difficult thing to prove. To prevent a pay day loan from being wiped out, the pay day loan must prove fraud in bankruptcy court by filing a separate law suit. It’s almost unheard of for pay day loan companies to file fraud suits in bankruptcy court.

If a payday loan company is holding your check or has your account information, you may want to close the bank account if you cannot pay it and have decided to file bankruptcy after you took out the loan. You should open a new account before you file because it may be difficult to open an account if you have an overdraft. You can also put a stop payment on the check but that takes time and the bank will charge you a fee.

Get your questions answered. Call for a FREE consultation with a Tacoma, WA bankruptcy lawyer!

We are here to help individuals such as yourself get your financial bearings and start over fresh... Contact a Tacoma bankruptcy attorney from our legal team today to learn about how to wipe out pay day loans and get answers to your questions.

Tacoma Bankruptcy Lawyers

Filing bankruptcy in WA to eliminate your pay day loans. Stop being buried alive by your pay day loans. Talk to a knowledgeable Tacoma bankruptcy attorney today!

(253) 778-6952