For many people living in Everett, pay day loans offer a way to pay for an unforeseen emergency. If it proves impossible to quickly repay a pay day loan, expensive fees can put make it impossible to catch up on your finances. Annual percentage rates (APR) on pay day loans can run as high as 5,000%. This is an astronomical figure when compared to the average 9% to 30% APR of the average major credit card.
This means that a medical emergency could ultimately result in a financial burden that requires drastic action, like bankruptcy. Most pay day lenders tell their customers that the loan cannot be discharged by filing for bankruptcy, and some may even believe it, but this is not true. Even if you sign a contract that says the debt cannot be discharged, it is unenforceable in court.
Hard working people often seek to obtain pay day loans when they're already having trouble paying bills. Our Everett bankruptcy lawyers can help you get a fresh financial start by taking steps to entirely eliminate pay day loan debt, and any other unsecured debt that is causing you to lose sleep at night. Contact our law office in Washington State today and find out whether bankruptcy makes sense for you and your family.
If you're overwhelmed from a pay day loan obligation, our Everett bankruptcy attorneys can helpIf you're currently trapped in a pay day loan death spiral, you may think there is no escape from this merciless debt. In many cases, the same individuals who are desperate enough to seek out a pay day loan are already in dire need of financial relief. Bankruptcy laws was written by the federal government so that honest, hard working people could get a fresh start financially by hitting the financial reset button. Our Everett bankruptcy lawyers can discharge pay day loan debt immediately, even if your pay day load creditor says otherwise.
Don't allow a pay day loan company in Everett threaten you with fraudPay day loans are usually secured with a postdated check singed by the debtor. Pay day loan companies often tell the borrower that the debt cannot be discharged via bankruptcy because it's considered fraud to write a bad check. In essence, these unscrupulous creditors threaten you with jail time even though their claim is entirely untrue. They do this to ensure they keep getting their payments, even if the borrower ultimately can't afford to continue making payments that have skyrocketed due to interest.
It's true that writing a bad check is fraud, which is a serious crime in Washington State. However, a pay day loan doesn't qualify for fraud because the company knew that you do not have sufficient funds in your bank account, because you postdated the check. The agreement you made with them is that sufficient funds would be in your account at a future date, which shows that you fully intended to pay the debt when you made the bargain. This means that a pay day loan no different than a credit card or any other loan.
Our Snohomish County pay day loan relief attorneys understand how bankruptcy laws benefit people who have been financially damaged by these companies, and urge you to familiarize yourself with your legal rights concerning bankruptcy.
Get a free consultation from our Everett bankruptcy lawyers and discharge all pay day loan debtIf you still use the bank account from which a pay day loan check was written, you should immediately close the account and consider opening a new one. Over drafting an old bank account could make it difficult to open a new one, so we urge many bankruptcy clients to do the same.
Our bankruptcy attorneys in Washington State are ready to help you put an end pay day loan debt, stop the harassment, and get a fresh financial start, so contact our law office today and let us help you fight back.