LPA, we regularly use the bankruptcy system to obtain the discharge of payday loans and other unsecured debts. Our firm provides cost-effective representation and responsive service. Call 513-723-1600 or contact us online today to learn more about your debt relief options. Payday loans, along with credit card debts, medical bills and personal loans, are usually unsecured debts. In contrast, a car loan or home mortgage is a secured loan, because the borrower has pledged property in return for the loan.
As an unsecured debt, a payday loan can be discharged in Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, any remaining payday loans can be discharged at the end of your repayment period. Minnillo Jenkins CO. LPA can lift the debt burden from your shoulders.
A lawsuit lender evaluates your case and offers to lend you 25,000 at 3 per month. A year later, your case settles for 100,000. The attorneys fee, litigation expenses, and medical liens total 50,000. Of the remaining 50,000, you must pay the litigation lender the principal of 25,000 plus its funding fee of approximately 12,500.
You then receive the remaining proceeds of 12,500. 100,000 Settlement amount.
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