Can I file bankruptcy with payday loans?
Written By: admin on September 20, 2009
One Comment
I am in alot of debt, I am a single parent of two children, I want to start my life over the right way to better things for my children, so i chose to file chapter 7 bankruptcy, I have no assets, I own no property, I dont own anything, I have nothing, but my question is I have alot of online payday loans I have not paid back can I still file bankruptcy, I have about 10 payday loans
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Tags: alot, assets, chapter 7 bankruptcy, online payday loans, Payday Loan, single parentTags: alot, assets, chapter 7 bankruptcy, online payday loans, single parent
It’s possible, but keep in mind that once you do, your credit score is trashed for at least 7 years, so no one will give you another loan again. Renting an apartment will be much more hard. Some jobs will deny you employment because of a bankruptcy filing. Car loans will become more expensive than before.
Only do it if you can afford to live with cash only from now on – you won’t even be able to finance a car at a reasonable rate. And, the lawyer who helps you will want cash upfront for the fees.
If this is your only debt, you may want to rethink your plot and find a way (second job, more child support, borrow from family) to get the payday loans paid down.