Payday loans – stop wage assignments

Did you know that a Chapter 7 or Chapter 13 can stop a wage assignment?
Did you know that I, as your bankruptcy attorney can stop a wage assignment even without filing your case?
Credit unions, payday loans, and internet loans to name a few, often make debtors sign voluntary wage assignments so that they can take money from the consumers’ paycheck in the event they fail to make the installment payments.

I can stop this!
It’s true!

Pursuant to the Federal Trade Commission Trade Regulation Rules 16 CFR (I)(D)  444.2.  The FTC Trade Regulation, in relevant part provides that:
In connection with the extension of credit to consumers in or affecting commerce, as commerce is defined in the Federal Trade Commission Act, it is an unfair act or practice within the meaning of Section 5 of that Act for a lender or retail installment seller directly or indirectly to take or receive from a consumer an obligation that:
(3) Constitutes or contains an assignment of wages or other earnings unless:
(i) The assignment by its terms is revocable at the will of the debtor, or
(ii) The assignment is a payroll deduction plan or preauthorized payment plan, commencing at the time of the transaction, in which the consumer authorizes a series of wage deductions as a method of making each payment,  or

(iii) The assignment applies only to wages or other earnings already earned at the time of the assignment. 

Therefore, We can send certain revocations to your payroll and to your creditor to stop the deductions. 

The creditor can then take other steps to collect, but these are thwarted upon filing of the bankruptcy chapter 7 or chapter 13 case.

Call me today if you need help stopping a wage assignment.  312-346-7400 and let us lead you to financial freedom!
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About Author

Terrance Leeders

Chicago Bankruptcy Lawyer, husband, father, Cubs fan.

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