Payday Loans

You probably had little choice when you took out a payday loan. You  have bills to pay. Your family needs to eat. You probably knew that the  interest rate was very high, but again you didn’t have a lot of options.  Now the amount you owe has mushroomed, maybe double or triple of what  you borrowed.

At Robert J. Adams &  Associates, we are very familiar with payday loans and the financial  devastation they cause. We have helped people throughout the Chicago  area walk away from payday loans and start fresh through bankruptcy.

Do You Qualify For Payday Loan Relief?

Our  bankruptcy lawyers can help you get the loan sharks off your back and  get your finances back on track. Call us to schedule a Complimentary  consultation.


Payday  loans, also known as cash advances, are a trap because of the high  interest rate and the short period to repay the loan. If you are not  able to pay it off with your next paycheck or benefits check, it becomes  a permanent debt that grows and grows. The interest rate may be 15 to  25 percent for a short term of two weeks or a month. But when these  loans carry over, they quickly reach outrageous balances with annual  percentage rates of 300 to 500 percent! Soon that “small loan” of a few  hundred dollars turns into thousands of dollars that you don’t have.

You should consider Chapter 7 or Chapter 13 bankruptcy if:

  •  You are not able to pay off your cash advance with the next check or two
  •  You are renewing the loan month after month
  •  You have payday loans from two or more companies
  •  You are resorting to payday loans several times a year


The  companies that make payday loans — or the collection agencies they hire  to come after you — may try to tell you that their loans are exempt  from bankruptcy. That is not true. Unlike a car loan or mortgage, payday  loans are unsecured debts. Our attorneys regularly discharge payday loans in bankruptcy.

Lenders  may tell you that you cannot file bankruptcy within 70 days of taking  out a payday loan. Not true. That rule applies to open-ended loans such  as a credit card or line of credit. (But it is a good rule of thumb not  to make big purchases or take cash advances if you will be filing  bankruptcy.)

Some lenders and bill  collectors resort to threats and harassment. They may say you will be  arrested or prosecuted if you are unable to repay a loan. Untrue. Debt  is not a crime! In fact, creditors can be sued and fined for abusive  behavior that violates the Fair Debt Collection Practices Act.


We  can file your bankruptcy immediately if you are facing creditor actions  such as garnishment or repossession. Once we file your bankruptcy  petition, lenders must stop all collection efforts immediately. They  cannot cash your post-dated check, take funds from your bank or continue  to call you. We will aggressively enforce your rights.

Are  you being crushed under the high interest rates of a payday loan? You  won’t believe this but you can discharge payday loans by filing for  bankruptcy. Call Robert J. Adams & Associates in Chicago, IL to  discuss your financial issues with our experienced debt relief and  bankruptcy attorneys. We have offices located in Waukegan and Lake  County, Illinois and we also help clients in surrounding areas. We have  experience aiding people with bankruptcy, debt relief, foreclosures,  repossessions, paycheck garnishments, collections suits, payday loans,  parking tickets, license suspensions, income tax problems and much more.  For a debt free NEW START, call today to speak to our experienced  bankruptcy lawyers and get rid of payday loans and the high interest  rates associated with these unsecured debts.

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