If I have 12 online payday loans but got in over my head and stopped paying over a year ago, can I file for bankruptcy?

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If I have 12 online payday loans but got in over my head and stopped paying over a year ago, can I file for bankruptcy?

I tried a program to pay them off but couldn’t keep up the payments.

Asked on March 29, 2013 under Bankruptcy Law, Tennessee

Answers:

A J Mitchell / Law Offices of A. J. Mitchell, LLC

Answered 8 years ago | Contributor

Sounds like you are an excellent candidate for bankruptcy.  The type of bankruptcy you should file depends on your income.  If you can qualify for a Chapter 7 bankruptcy -- which may be the best way to go in your case, you can have all of your unsecured debt wiped away with the general exception of certain student loans, child support/alimony and Federal taxes. After receiving a discharge, you will have a "fresh start" and can begin rebuilding your credit.


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