Struggling to make things work due to a lack of funds between pay checks is a reality for many Illinois residents. What can one do if this is the case? Unfortunately, some individuals turn to payday loans, thinking they will help solve the problem. More often than not, though, these loans make things even worse. When one lacks the funds to keep up with financial obligations, payday loans are not the answer, but a Chapter 7 filing may be.

A payday loan, also known as a cash advance, can provide one with a small amount of money fast. With that loan, though, will come a ridiculous amount in fees and interest. Payment on such a loan will come due on the next payday. The worker may receive enough to pay off the loan but then may find him or herself short on cash again until the next payday rolls around. So, what does one do in such a situation?

For many individuals, getting one payday loan turns into the need to get another and another, creating a cycle of borrowing. This is something on which payday lenders depend. This is a cycle that can be extremely hard to break once it is started.

A payday loan is certainly appealing when one is strapped for cash, but it really only offers a band aid solution. Why take a temporary fix when one may qualify for a permanent one? Illinois residents who qualify for a Chapter 7 bankruptcy may have many of their debts wiped clean. This can grant them a fresh financial start. An experienced bankruptcy attorney can review one’s economic situation and help one pursue this or any other debt relief options deemed appropriate.

Source:, “Payday Loans Don’t Pay“, Jonas Elmerraji, Accessed on June 22, 2017