St. Louis bankruptcy attorney Frank Ledbetter, a Chapter 7 and Chapter 13 bankruptcy specialist
warns against a popular Payday loan debt strategy. Hi, I’m St. Louis bankruptcy attorney Frank
Ledbetter. I’ve been a St. Louis bankruptcy attorney since 2003 during which time I’ve
helped thousands of Missourians obtain debt relief through both Chapter 7 bankruptcy and
Chapter 13 bankruptcy. I’ve seen people who in a desperate attempt
to stay current on paying their bills decided to take out payday loans. The payday loan
is a recent type of unsecured, short-term loan for those who are in need of cash and
unable to obtain it from other means. Years ago I was shocked when I started seeing
the interest rates for payday loans, some of which are in excess of 600% annually. Payday lenders often require the deposit of
a post-dated check at the time the loan is taken out, which the lender may cash if the
borrower doesn’t pay the loan on time. Unfortunately, despite the best of intentions,
payday loan borrowers may be unable to repay the loan on time, may have insufficient funds
in their bank accounts to cover the checks they gave the payday lenders, and may become
subject to criminal charges for insufficient fund check charges after the lender attempts
to cash the post-dated checks they previously received. If you are thinking about taking out payday
loans because you are otherwise unable to pay your debts on time, you owe it yourself
to consult with a bankruptcy attorney about your options to eliminate your debts through
bankruptcy rather than jumping into taking out payday loans. You may call today to schedule a no-cost,
no-obligation consultation regarding your rights to obtain debt relief under Chapter
7 bankruptcy or Chapter 13 bankruptcy. Or if you want to know more before you call,
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