unlawful employment termination - what's your next step?

unlawful employment termination - what's your next step?

Payday Loans and Bankruptcy

Arthur Young

If you are undergoing financial difficulties, you may have already had to take advantage of a payday loan. These loans are usually reserved for people who have exhausted all other remedies for emergency cash. If your financial problems are severe enough, you may be considering filing for bankruptcy, which will allow you to make a fresh financial start. If you have taken a payday loan and are contemplating filing for chapter 7 bankruptcy, read on to find out how bankruptcy will treat your payday loan.

Unsecured Debt and Bankruptcy

Bankruptcy will normally allow you to discharge any unsecured debt, which is debt that is not connected to any property that can be repossessed or foreclosed upon. Credit cards and personal or signature loans are considered unsecured debt, as do payday loans. There is nothing "at stake" with these loans; and therefore, nothing for the creditor to recover if you declare bankruptcy and stop making your payments.

Payday Loan Disclaimer

In the paperwork for your payday loan, you may recall signing a statement of understanding that your payday loan could not be discharged in the event of bankruptcy. This disclaimer is simply unenforceable. If you believe this dishonest tactic, you may fail to list the payday loan creditor with your other debts on the bankruptcy petition. Don't make that mistake; payday loans are unsecured debt, and may be discharged just like your credit card debt.

The Creditor's Meeting

Part of the bankruptcy proceedings include a meeting of the creditors. Most creditors don't bother to attend, but if you are suspected of running up unsecured debt just prior to filing for bankruptcy, you may have to answer to that creditor. Payday lenders may appear at your meeting, so be prepared to show that you did not knowingly add debt, and that you used the money for household expenses like housing, transportation, food, etc.

Payday loans are the product of predatory lenders, and do not enjoy a stellar reputation with anyone, including the bankruptcy courts. The bankruptcy trustee, who will be overseeing the creditor's meeting, will understand that your need to take out the payday loan was due to desperation, not fraud.

If you are concerned about your finances and are especially worried about your payday loan, contact a bankruptcy attorney like Donna C Crooks Atty At Law as soon as possible and find out how you can get some relief from your burden of debt. Once you file for bankruptcy, you will be able to use your hard-earned paycheck to get caught up on any secured debt and begin your fresh start.


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unlawful employment termination - what's your next step?

Have you recently been let go from your job? Do you feel that the termination was illegal in any way? It is time for you to stand up to unfair employment practices by your former employer. An employment attorney helped me get through an impossible time more easily. I had no idea how serious the repercussions for terminating my position could be for the company, nor did I know how much the company would owe me for doing so. Thankfully, the attorney took the time to answer each and every question that I had and discussed all of my options. I have included much of what I learned on my website to help others learn what they could be owed if they were unlawfully terminated from their jobs.

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