Houston, TX Payday Loans Relief Lawyer

Experienced Payday Loan Debt Relief Attorney Serving Clients in Houston, TX

Payday loans can be a form of what is called "predatory lending." Businesses that offer these high-interest personal loans often prey on people who are working but living paycheck-to-paycheck. They advertise that their purpose is to bridge the gap when people run out of money before their next payday. However. taking a payday loan can begin a vicious cycle. When you receive your paycheck, you will need to pay back the loan plus interest, which can be as much as 33%. After paying back this amount with interest, you are much more likely to again run out of money before you get paid again. The moment something happens and you cannot repay a loan on time, you may have a significant problem. Debt can rapidly snowball, and it can feel like there is no way out.

If you are in debt due to payday loans, The Fealy Law Firm, PC can help. Attorney Vicky Fealy understands your situation and will do all she can to bring you relief from this debt. You are far from the only one who has fallen prey to these suspect loan agencies. Attorney Fealy may be able to help you consolidate your payday loans, file for bankruptcy in certain situations, and stop the interest from continuing to grow out of control.

How Payday Loan Companies Prey on Low-Income Families

People in debt to payday loan companies are often full-time employees who simply do not earn a livable wage. If a family runs out of money a week before their next paycheck is expected and needs food, must make an auto payment to avoid repossession, or must pay rent to avoid eviction, they may feel like there is no alternative but to take out a payday loan.

Sadly, Texas does not cap the interest rates these lenders are permitted to charge. This means that when a family is next paid, it will likely owe a substantial portion of the check to the payday loan agency to cover fees and interest - sometimes leaving them without enough money to meet their basic needs and kicking off a seemingly unbreakable cycle of debt.

Options for Payday Loan Relief in The Woodlands, TX

If you are struggling with payday loan debt, it is important to consult with an attorney about your options. There are several choices for reducing the impact of your payday loan debt and other types of debt, such as credit cards or medical bills. Depending on how much you owe, your ability to keep making payments, and several other complex factors, your options may include:

• Chapter 7 bankruptcy - This is often a last resort. If you owe so much that you know you will likely never be able to fully or even mostly repay the debt, liquidation bankruptcy may become a viable option. Many people who are in debt due to the unfair terms of payday loans do not own a lot of property that can be liquidated, and this may make a Chapter 7 filing an attractive option for you.
• Chapter 13 bankruptcy - If you can repay most of what you owe slowly and over time, this may be a better option. People who used payday loans to get through a temporary period of low earnings or unusual personal expenses may be able to establish a repayment plan. Your assets are not liquidated in this type of bankruptcy, but you will be expected to use most of your disposable income to pay back creditors
• Loan modifications - In some cases, Attorney Fealy can negotiate with payday lenders or other creditors to modify the terms of your loans, helping you avoid bankruptcy. Often, these predatory companies simply want their money back and do not want to become involved in litigation. This may make it possible for a lawyer to work directly with the lender to establish a repayment plan that is manageable for you and acceptable to them.

Contact a Houston, TX Payday Loan Relief Lawyer

Attorney Vicky Fealy is deeply committed to helping individuals and families break the cycle of payday loan debt. The Fealy Law Firm, PC has helped many people who have fallen prey to payday loans, and we will do everything possible to help you too. Contact us at 713-526-5220 to start with a free consultation and learn how we can help.