Get Rid of Your Payday Loans via Bankruptcy in Phoenix and Tucson

Many people in the Phoenix and Tucson, Arizona area are getting payday loans to combat the poor economic times. Payday loans are short-term loans. The loans range from 13 to 120 days.  The most you can borrow is 25% of your gross monthly income or $1000 whichever is less. The finance charges, fees, or interest (whichever term you prefer) are extremely high compared to other forms of credit.  Filing for Chapter 7 or Chapter 13 Bankruptcy in Phoenix and Tucson, Arizona can wipe away these debts that are owed to payday lenders.

The real issue is not that you can eliminate these payday loans through bankruptcy but that someone in the Tucson or Phoenix, AZ area must resort to such a high interest payday loan, there is usually a serious income and budget problem. A problem that, if it hasn’t already done so, will lead to other debt, repossessed vehicles, harassing phone calls, and even foreclosure.

If you feel like a payday loan may become necessary, do everything you can to avoid it. Payday loans and even credit cards should only be used in emergency situations. If it is too late and you are in over your head, call and set up a FREE debt evaluation with the My AZ Lawyers.  Find out what options you have to help alleviate your current financial situation.

The My AZ Lawyers hopes that you will consider a different avenue than payday loans or high interest credit cards.  Some of the hidden fact about payday loans include:

  • Interest rates range between 390% to 900% and most lenders do not accurately disclose the interest rates.
  • A report from the Center for Responsible Lending indicates payday loan borrowers pay an average of $793 in interest on a $325 loan.
  • You tend to find these businesses located in poor neighborhoods and close to military bases. This suggests that Arizona payday loan companies tend to take advantage of poor and desperate consumers.

Getting involved with payday lenders can lead to additional financial demise. The following are six unsavory business practices used by unscrupulous payday lenders.  They are:

  • Less than full or no disclosure of terms
  • False advertising
  • Non-responsiveness when you have questions or need guidance.
  • Deceptive practices
  • Harassment at work and on the phone.
  • Some consumers don’t receive their loan but their accounts are still debited.

If you do find yourself mixed up with a payday loan lender or if you have a creditor that is making harassing phone calls or threats, contact one of our experienced attorneys in Tucson or Phoenix, Arizona and let us put a stop to the harassing phone calls.  Our experts can help you with harassing creditors in Phoenix or Tucson, Arizona.  Some creditors can be down right mean, you don’t deserve the abuse.  Helping consumers with unsavory creditors is part of what we do.

In times of financial woe, seeking counsel from an experienced bankruptcy lawyer is of utmost importance for individuals and businesses alike. While bankruptcy may not be for everyone, the bankruptcy attorneys at The My AZ Lawyers law offices in Tucson can help assess your debt problems and offer legal options that are right for you.

For more information about filing for Chapter 7 bankruptcy, Chapter 13 bankruptcy filing, bankruptcy planning or filing for bankruptcy, contact one of our bankruptcy lawyers and speak to any of our experienced attorneys in Phoenix, Chandler, Tucson, Glendale, Mesa, Flagstaff or anywhere in Arizona. Contact one of our regional offices.  It’s time for a fresh start.