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Can I Eliminate Payday And Title Loans?
When you’re struggling to make it from week to week, quick loans can be appealing. Unfortunately, lenders use these loans to take advantage of people in a precarious financial situation. With their high interest rates, a $100 loan can rapidly balloon to $500, making it more difficult than ever before to get out of debt.
At Nicolet Law Office, S.C., we have helped many people unburden themselves from predatory debt. If you are in Wisconsin, we can help you, too.
We offer free consultations to people struggling with payday and title loans.
Payday And Title Loans: A Key Difference
Both payday loans and title loans offer fast cash against the value of another asset: your next paycheck or your car. While they are very similar in this respect, the bankruptcy process treats them quite differently. The distinction comes in their status as secured versus unsecured.
- Unsecured Debt
This debt does not have a physical asset as collateral. Credit card debt is a common form of unsecured debt, as are payday loans.
- Secured Debt
This debt has a physical asset as collateral. Home mortgages are secured against your house, and title loans are secured against your car.
Bankruptcy can typically only eliminate unsecured debt. Payday loans will often disappear, along with credit card debt, but car title loans will remain.
What Can I Do?
If you have large amounts of debt that you cannot pay back—secured or unsecured—the good news is that you still have options. Our debt relief lawyers can assess your situation and reorganize your debts so that you can make the most important payments first. This will look different for each person’s individual situation.
Take Control Of Predatory Loans With Our Help
Our offices are conveniently located in Hudson, Eau Claire and throughout Wisconsin.