Can Bankruptcy Help With Payday Loans?
Payday loans are becoming increasingly popular, but can be difficult to repay. If you find yourself in a situation where you can't repay a payday loan, you may be considering bankruptcy. But can bankruptcy help with payday loans?
There are a few things to consider when deciding if bankruptcy is the right choice for you. First, understand that filing for bankruptcy will not automatically discharge your payday loan debt. You will need to file a specific claim in order to have your payday loan debt discharged.
Second, even if your payday loan debt is discharged, the lender may still try to collect the debt from you. If this happens, you can file a complaint with the court and stop the collection attempts.
Finally, keep in mind that filing for bankruptcy should always be a last resort.
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