Payday loan companies are one of the most challenging realities of modern society. There are thousands of families who have fallen into the financial traps of payday loan companies due to no fault of their own. These companies prey on low-income individuals and families in our communities by taking advantage of their difficult economic circumstances.
Although many individuals are able to navigate their payday loans successfully and not fall into a trap, others fall into a cycle of debt in where their future paychecks are promised to the payday loan company and each week they have to keep going back for another loan. If you or your family member has fallen into the payday loan trap, you know this story all too well.
At the Law Office of Ruth Nelson, we are proud of the work we have done to liberate our King County, Washington, clients from predatory payday loan companies. One unfortunate thing we have seen in our payday loan clients’ cases is that they have been told by their creditor that declaring bankruptcy on payday loans isn’t legally possible, but this couldn’t be further from the truth. In fact, we would argue that the extremely unfair aspects and astronomical interest rates of these loans make payday loan holders some of the best candidates for bankruptcy out there.
If you are suffering from a mountain of debt, the sooner you speak with a Washington-area bankruptcy lawyer, the better. A lawyer can help you evaluate your unique debt and income situation, determine if bankruptcy is right for you, and also decide which type of bankruptcy you can file under.