If I have 12 online payday loans but got in over my head and stopped paying over a year ago, can I file for bankruptcy?

UPDATED: Mar 29, 2013

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Mar 29, 2013Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If I have 12 online payday loans but got in over my head and stopped paying over a year ago, can I file for bankruptcy?

I tried a program to pay them off but couldn’t keep up the payments.

Asked on March 29, 2013 under Bankruptcy Law, Tennessee


A J Mitchell / Law Offices of A. J. Mitchell, LLC

Answered 9 years ago | Contributor

Sounds like you are an excellent candidate for bankruptcy.  The type of bankruptcy you should file depends on your income.  If you can qualify for a Chapter 7 bankruptcy -- which may be the best way to go in your case, you can have all of your unsecured debt wiped away with the general exception of certain student loans, child support/alimony and Federal taxes. After receiving a discharge, you will have a "fresh start" and can begin rebuilding your credit.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption