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Home > Reader Questions > I’m Struggling With Payday Loans and Don’t Want to Go Bankrupt. – Kristi

I’m Struggling With Payday Loans and Don’t Want to Go Bankrupt. – Kristi

i have takin out four payday loans with in the last year, and have struggled paying them back.. I do now want to file bankrupsy i am only 26 and my vehicle is co-signed by my parents, and i don’t want them to have bad credit!!

what should i do? i was going to try the “Relief” . Your advice would greatly be appreciated.

Thanks-

Kristi

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Im Struggling With Payday Loans and Dont Want to Go Bankrupt.   Kristi
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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Bill
  • Lewis Roberts

    If the only reason you don’t want to go bankruptcy is the co-signed car loan, then you need to be better informed.

    I assume that you want to keep the car. Chapter 7 bankruptcy would allow you to reaffirm the car loan debt. That means you are re-obligating yourself on the loan after the bankruptcy is complete.

    As long as you continue to make payments, then your parents credit will not be damaged because you are staying current on the loan.

    Also, by paying the debt after a bankruptcy, it will help you re-establish good credit after the bankruptcy.

    But if you are falling further behind in payday loans each, week, month, etc, that is a recipe for a financial disaster.

    You need to address it sooner rather than later.

  • Lewis Roberts

    If the only reason you don’t want to go bankruptcy is the co-signed car loan, then you need to be better informed.

    I assume that you want to keep the car. Chapter 7 bankruptcy would allow you to reaffirm the car loan debt. That means you are re-obligating yourself on the loan after the bankruptcy is complete.

    As long as you continue to make payments, then your parents credit will not be damaged because you are staying current on the loan.

    Also, by paying the debt after a bankruptcy, it will help you re-establish good credit after the bankruptcy.

    But if you are falling further behind in payday loans each, week, month, etc, that is a recipe for a financial disaster.

    You need to address it sooner rather than later.

  • RENEA

    looks like your SOL

  • RENEA

    looks like your SOL

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