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If you have outstanding Pay Day loans and are considering contacting a bankruptcy lawyer, then there are three main things you need to know. AUTOMATIC STAYS WONT ALWAYS BE ENOUGH TO STOP COLLECTION ON PAY DAY LOANS. When a consumer files bankruptcy, an Automatic Stay is immediately effective. This means that creditors must cease all collection attempts while the bankruptcy is in process. However, Pay Day loans can be a little more complicated and require a few extra steps to ensure collection stops.

Many Pay Day loan companies require the borrower to submit a post-dated check for the full amount of the loan at the time they get the Pay Day loan. Typically payments are made on a weekly or monthly basis and as long as they continue to be made, the check will not be cashed.

However, in the event that the borrower declares bankruptcy, Pay Day loan companies may have the legal right to attempt to cash any post-dated checks submitted to them. A BANKRUPTCY ATTORNEY CAN PROVIDE SOLUTIONS TO THE Cash loans decatur al PROBLEM.

Cash loans decatur al

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Cash loans decatur al