Payday Loans - Robert J. Adams & Associates
Robert J. Adams & Associates

Payday Loans


You probably had little choice when you took out a payday loan. You have bills to pay. Your family needs to eat. You probably knew that the interest rate was very high, but again you didn’t have a lot of options. Now the amount you owe has mushroomed, maybe double or triple of what you borrowed.

At Robert J. Adams & Associates, we are very familiar with payday loans and the financial devastation they cause. We have helped people throughout the Chicago area walk away from payday loans and start fresh through bankruptcy.

Do You Qualify For Payday Loan Relief?

Our bankruptcy lawyers can help you get the loan sharks off your back and get your finances back on track. Call us at (312) 724-5650 to schedule a free consultation.

What You Need To Now About Payday Loans And Bankruptcy

Payday loans, also known as cash advances, are a trap because of the high interest rate and the short period to repay the loan. If you are not able to pay it off with your next paycheck or benefits check, it becomes a permanent debt that grows and grows. The interest rate may be 15 to 25 percent for a short term of two weeks or a month. But when these loans carry over, they quickly reach outrageous balances with annual percentage rates of 300 to 500 percent! Soon that “small loan” of a few hundred dollars turns into thousands of dollars that you don’t have.

You should consider Chapter 7 or Chapter 13 bankruptcy if:

  • You are not able to pay off your cash advance with the next check or two
  • You are renewing the loan month after month
  • You have payday loans from two or more companies
  • You are resorting to payday loans several times a year

You CAN Discharge Payday Loans (Don’t Believe The Lies)

The companies that make payday loans — or the collection agencies they hire to come after you — may try to tell you that their loans are exempt from bankruptcy. That is not true. Unlike a car loan or mortgage, payday loans are unsecured debts. Our attorneys regularly discharge payday loans in bankruptcy.

Lenders may tell you that you cannot file bankruptcy within 70 days of taking out a payday loan. Not true. That rule applies to open-ended loans such as a credit card or line of credit. (But it is a good rule of thumb not to make big purchases or take cash advances if you will be filing bankruptcy.)

Some lenders and bill collectors resort to threats and harassment. They may say you will be arrested or prosecuted if you are unable to repay a loan. Untrue. Debt is not a crime! In fact, creditors can be sued and fined for abusive behavior that violates the Fair Debt Collection Practices Act.

Short On Time? Short On Money? No Problem.

We can file your bankruptcy immediately if you are facing creditor actions such as garnishment or repossession. Once we file your bankruptcy petition, lenders must stop all collection efforts immediately. They cannot cash your post-dated check, take funds from your bank or continue to call you. We will aggressively enforce your rights.

We can file your case for no money down if you are employed and able to pay the filing fee soon after. We can explain everything when you contact our firm for a free bankruptcy consultation. We have offices in Chicago (the West Loop) and Lake County (Waukegan).

Call For Your Strategy Consultation
(312) 724-5650