bankrupty rules on payday loans

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bankrupty rules on payday loans

can I claim bankruptcy on my payday loans, if I have already signed an agreement with PDL Assistance?

Asked on June 4, 2009 under Bankruptcy Law, Minnesota

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

First and foremost, payday loans are usually the loans that you get you into trouble the most.  Many states don't have caps on the interest rates charged.

Second, you can try to claim bankruptcy.  However, that is something you need to review with your bankruptcy lawyer.  Many courts will not allow abuse of the system, so if you start getting multiple loans within a certain amount of time before you file, the court may not allow you to claim them as debts to be discharged.

Try www.attorneypages.com to locate a bankruptcy lawyer in your state and check his or her record at the Minnesota State bar.


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