Louisville KY Payday Loans and Bankruptcy Attorneys
New Albany IN Debt Consolidation Lawyers
Payday Loans in Kentucky
Kentucky has recently changed its laws regulating payday loans. The maximum amount of money that you can borrow is $500, and the loan term can last anywhere from seven to 30 days. You cannot take out more than two payday loans at a time. Interest rates can be as high as 15 percent on the loans you take out, meaning that for a $500 loan, you may have to pay up to $75 in interest. Additionally, the pay back terms are 60 days (as compared to the typical 30 day repayment period in other states), and you cannot take out another loan until the first is paid back. There is a mandatory statewide database that tracks all payday loans and their amounts.
While these loans may seem easy at first and a quick fix to your financial troubles, they often cause bigger problems for your finances. Payday loans and frequent overdraft bank fees are a red-flag warning sign that you should no longer ignore your financial troubles.
Whether you need help with cash advance bankruptcy or quick cash debt problems, our Kentucky attorneys will be there for you.
If you have accumulated debt and have resorted to payday loans or cash advances to pay your everyday bills, you should consult a bankruptcy attorney with an understanding of payday loans and the snowball effect they have on your debt. The attorneys at Daniels Associates LLP urge you to get the financial counseling you need to get out from under these payday loans. Why continue to struggle to keep your bank account balance positive, to take out payday loan after payday loan only to never be able to dig out from under the debt. Our attorneys are familiar with the effect of payday loans and can help you consolidate or eliminate your debt.
Need bankruptcy advice or guidance on how to manage your payday loan debt? Contact Daniels Associates LLP at 502.583.8300 for assistance. We will answer any financial and legal questions you may have.
Take Control of Your Payday Loans
At Daniels Associates LLP, our attorneys have an extensive understanding of the payday loan laws in Kentucky and Indiana. The emotional toll the creditors place on you as a consumer is huge. At Daniels Associates LLP, we take the time to listen to our clients and to help them decide which bankruptcy filing is correct for them.
The benefits of filing a bankruptcy when you are facing overwhelming payday loan debt or bank overdraft fees include:
Erasing payday loan debts under Chapter 7 or reorganizing payday loan debt under Chapter 13
Bank overdraft fees erased under Chapter 7 or reorganized under Chapter 13
Other debts, including medical debt discharged or consolidated depending on which bankruptcy chapter filed
Stopping creditor harassment and wage garnishments
Debt judgment lawsuits stop
And you can begin rebuilding your credit immediately after the bankruptcy process is complete
It is important to have a attorney in your corner to protect your rights. If you wish to speak with an attorney about payday loans and bankruptcy, contact Daniels Associates LLP today and schedule a free initial consultation. Weekend and evening appointments are available. Call 502.583.8300. We speak Spanish, Italian, Mandarin Chinese, German, Czech and Korean.
We are a debt-relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.