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San Antonio Bankruptcy - Bankruptcy & Payday Loans

At The Law Office Of R.J.Atkinson,LLC we have counseled thousands of people with financially based legal problems throughout the State of Texas. Having filed over 1500 bankruptcy cases, we have seen a lot of people caught up in the draining cycle of payday loans. We regularly come across a significant number of people who end up with thousands of dollars in debt from payday loans. Payday loans can drain a person in need to their financial limits depending on the amount of interest question.

If you look around there are ads and offers for payday loans everywhere. Advertisements on the radio, television, the Internet, and even those in the mail promise to “help you out” when you need it most. As if they’re doing you a service by charging upwards of 700% interest in some cases. When the ads refer to payday loans you should be extremely cautious because they almost always come at a very high price. Sometimes payday loans are at such unreasonable interest rates that once the process begins it becomes a cycle of costly cash that is tough to stop.

What is a Payday Loan?

A payday loan is a small, short-term, high-rate loan which is a very expensive form of credit, that a check cashing company, check casher, or finance company will make without a credit check. They bridge a borrower’s need for cash in between their paydays and claim to be an easy solution for people in need. Payday loans also go by a variety of other names like cash advance loans, check advance loans, post-dated check loans, or deferred deposit check loans.

How do Payday Loans Work?

As an example, a person goes into a check cashing store and writes out a post-dated personal check for $130.00 to the check cashing store. The $130.00 amount is in order to borrow $100.00 for a 2 week period. The check cashing store in turn holds the check until the borrower’s next payday which is two weeks later. When the end of the two week period comes, the check cashing store deposits the personal check and makes $30.00 in profit for the 2 week loan of $100.00. In this case, that would mean that the check cashing store charged the equivalent of a 720% annual interest rate.

Now if that seems at all excessive then consider the even more costly opportunity to “refinance” so generously provided by the check cashing company at time the loan is due. A borrower usually has the option to either pay the entire amount which would be $130.00 utilizing the example above or the borrower can pay a so called fee ($30.00) to extend the loan for another 2 weeks. So, in this case, the borrower would pay $60.00 to borrow $100.00 for a total of 4 weeks.

So What is the Danger with Payday Loans?

People can sometimes become very dependent on payday loans once they start the process and they oftentimes end up taking one loan after another. Eventually, they come to a point where what started out as a simple $100.00 short term loan, has turned into a debt of $1,000.00 or more in a very short period of time. Ultimately, they are unable to pay the money back. All too often people will have more than one payday loan, borrowing from one to pay the other. And, when they can’t repay one or all their financial world quickly comes crashing down.

Is Bankruptcy a Solution to Payday Loans?

Bankruptcy certainly can be an option. Payday loans and the interest or fees associated with them are almost always dischargeable in Bankruptcy. Don’t let payday loans suck away all you hard-earned money. If payday loans and lenders holding you and your family hostage you should consider your Debt Relief options under the Bankruptcy Code. The Discharge in Bankruptcy may be of assistance with payday loans. If you qualify for Bankruptcy you may also be able to stop creditor harassment, stop foreclosure, eliminate or significantly reduce credit card debt, medical bills, and certain taxes.

Don’t Let Payday Loans Waste Your Money

If you have payday loans that are holding you hostage & ruining your life and are looking for a fresh financial start The Law Offices of R.J.Atkinson,LLC may be able to provide you Debt Relief through Bankruptcy. We represent people with financial problems in Houston, San Antonio, Austin, Dallas, and throughout the State of Texas and may be able to assist you to reduce or eliminate your Debt under the Bankruptcy Code. Please contact us at 210-805-9909 for a free initial consultation regarding your Debt. Don’t wait until it’s too late.

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Please read: Certification | Disclaimer | TexasLegalWeb | State Bar of Texas | Resource Links Last Updated September 21, 2023
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Bankruptcy Attorney Lawyer RJ Atkinson provides Chapter 7, 11, 12, 13, Affordable Bankruptcy Help & Discount Legal Services in San Antonio
Filing Bankruptcy can sometimes be the fastest way to get out of debt and may be the most affordable way to get a fresh financial start. Chapter 7 Bankruptcy can quickly wipe out your debts, increase your credit score, stop wage garnishments, get rid of credit card debt, eliminate medical bills, stop payday loans, stop bill collectors, erase negative credit reporting, and reestablish new credit after bankruptcy. RJ Atkinson, San Antonio Bankruptcy Lawyer has payment plans to make filing Chapter 7 or Chapter 13 Bankruptcy affordable which include low cost flat fees for Chapter 7 that may be considered the cheapest bankruptcy attorney fees compared to fees other bankruptcy lawyer charge. Chapter 13 Bankruptcy can save your home from foreclosure, save your car from repossession, lower monthly payments, reduce interest rates, get rid of late fees, reduce credit card interest, payoff high credit card debt, raise your credit score, stop creditor harassment, get rid of debt, reduce debt, eliminate creditor calls at work, stop collection calls, start over financially, discharge debts and/or be debt free in 3 to 5 years. IRS tax problems, tax levies, wage garnishments, back taxes, payroll taxes, income taxes can often be handled in Chapter 13 bankruptcy. Divorce/Bankruptcy – past due child support arrears, alimony, spousal support, and divorce debt can often be handled in chapter 13 bankruptcy. The Law Offices of RJ Atkinson handles debt consolidation, loan modifications, credit card debt settlement, debt negotiation, lawsuit defense, IRS problems, credit card lawsuits, TROs temporary restraining orders to foreclosure, forbearance agreements to foreclosure, FDCPA Fair Debt Collection Practices Act lawsuits, FCRA Fair Credit Reporting Act lawsuits, credit report disputes, debt collection lawsuits, adversary complaints in bankruptcy, bankruptcies, foreclosure workouts, mortgage short sales, real estate property tax disputes, civil litigation, commercial litigation, tax lawsuits, small business bankruptcy, corporate bankruptcy, business creditor representation, and most every kind of debt related issue or financially based legal problem on a case by case basis.

San Antonio Bankruptcy Attorney at RJ Atkinson handles Personal Bankruptcy, Business Bankruptcy cases and discount legal services in and around San Antonio TX Bexar County, as well as in New Braunfels, Cibolo, Comfort, Bandera, Boerne, Kerrville, Hondo, Castroville, Medina, Poteet ,Pleasanton, Lytle, Live Oak, Leon Valley, Jourdanton, Floresville, La Vernia, Nixon, Poth, Stockdale, Carpenter, Ingram, Hunt, Center Point, Selma, Seguin, Schertz, Helotes, Garden Ridge, Hill Country Village, Fredericksburg, Uvalde, Alamo Heights, Terrell Hills, Universal City, or in the counties of Atascosa, Bandera, Bexar, Comal, Dimmit, Edwards, Frio, Gonzales, Guadalupe, Karnes, Kendall, Kenney, Kerr, Maverick, Medina, Real, Terrell, Uvalde, Val Verde, Wilson, Zavala.
Pursuant to 11 U.S.C. §528, “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”
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