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Payday loans, 'quick fixes' not the best path to debt relief

Borrowers in Pennsylvania may feel financially strained, but they do not always know when it is appropriate to file for bankruptcy. It can be difficult to determine whether you should seek to repay your debts directly or file for Chapter 13 bankruptcy to provide a restructured payment plan. Experts in the field agree that many Pennsylvania residents make mistakes by trying to solve their financial problems without help.

Some people use short-term loans -- also known as payday loans -- to supplement their income when times are tight. These short-term loans can be useful for those who have established a quick repayment plan. However, these products may also trap borrowers in a downward financial spiral. When borrowers are facing high interest rates from several short-term loans, they may begin to flounder.

Experts warn against companies that offer to repair your credit with a 'quick fix.' Late-night infomercials often include information about creating a manageable payment plan. Debt consolidation firms may not have the best interests of their clients at heart, however, while bankruptcy attorneys work to promote their clients' interests.

Getting out from under the burden of payday loans may seem like an onerous task, but it can be achieved with the help of a financial team that includes a Pennsylvania bankruptcy attorney. Filing for Chapter 13 bankruptcy allows borrowers to restructure their debt payment. Candidates for Chapter 13 bankruptcy generally are experiencing financial difficulty because of mortgage or business payments. Those who pursue this option are generally seeking to hold on to their property rights.

Bankruptcy attorneys may be able to advise clients about their best options for crafting a manageable payment plan. Pennsylvania borrowers who have questions may be able to seek answers with a bankruptcy attorney. Clients do not have to continue to struggle; instead, they may benefit from exploring their legal options.

Source: KOLO 8, "Declaring Bankruptcy: Is it Right for You?" Rebecca Kitchen, Feb. 08, 2014

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