CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Predatory Lending: Leading Victims to Bankruptcy

It used to be when a person needed a loan, he or she visited the bank, discussed terms, and either received or did not receive the money, based on the discretion of the banker. When people realized there was money in lending, it became big business. This enabled many who were previously unqualified to get loans to borrow money, but it also put many people at risk.

There still are plenty of credible lenders that want to help people achieve their dreams by lending, but there are also those who want to take advantage by lending people money they cannot afford to borrow. These predatory lenders are only interested in making a profit, even if it means acting deceitfully and preying on the desperation some feel about money.

Many people who file for bankruptcy were victims of predatory lending practices. They were convinced they could afford to do something beyond their means and they are now facing the consequences. The term “predatory lending” applies to a number of deceptive practices that treat consumers unfairly, and in many cases, it leads a person down the path toward bankruptcy.

What Can You Do to Avoid becoming a Victim of Predatory Lending?

• Predatory lending is frequently found in the housing industry. If you have never purchased a home and you are unsure of the process and how to calculate what you can afford, attend a housing counseling program approved by the US Department of Housing and Urban Development.

• Take time to research any loan you consider and compare it to other options available.

• Avoid loans that feature “balloon payments” that seem appealing at first, but gradually or suddenly increase.

• Avoid loans featuring a pre-payment penalty. If you have the means, you should be able to pay in full any loan without penalty.

• Never sign blank documents and always read all of the paperwork provided to you. Question anything related to unusual or hidden fees, high interest rates, fees, and misrepresentation of your credit rating.

Essentially, if anything seems unusual or makes you uncomfortable, dig deeper before signing on the dotted line.

To learn more about predatory lending laws, visit debt.org.

What If You are Suffering as the Result of Predatory Lending?

The good news is you can recover from a financial mistake, whether it’s related to predatory lending or otherwise. The key is to work with someone who is familiar with laws regarding loans and who knows how to help people who are in debt.

If you are facing financial struggles as a result of predatory lending or you are tired of the distress and embarrassment debt is causing you, we can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a free Tampa Bay bankrupcy lawyer consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Should I Refinance a Student Loan I Can’t Discharge in Bankruptcy?

Student loan debt is overwhelming many people. Could refinancing be the answer to help you avoid bankruptcy if your student...
Read More

Can Student Loan Consolidation Help You Avoid Bankruptcy?

One of the most common questions people have when they consider bankruptcy is “can student debt be discharged in bankruptcy?”...
Read More

Could There Be Changes on the Horizon for How Student Loan Debt is Handled in Bankruptcy?

If you’re wondering how to file for bankruptcy for student loan debt or you’re wondering if bankruptcy can help you...
Read More

Does Bankruptcy Clear Student Loan Debt?

Many people considering bankruptcy wonder “Does bankruptcy clear student loan debt?” Until recently, that answer was almost always “no.” But...
Read More

Will Student Loans Force You Into Bankruptcy? Here’s How a Student Loan Bankruptcy Attorney in Florida Can Help

If you’re struggling with student loan debt and not sure what comes next, a student loan bankruptcy attorney in Florida...
Read More

Have You Received a Letter from the IRS About a Tax Debt? Here’s What You Should Know Before Responding

Here's what you need to know if the IRS has contacted you about tax debt. Every year the IRS contacts...
Read More

Here’s How You Can Rebuild Your Credit

How do you repair this damage and rebuild your credit after filing for bankruptcy? Many people believe that filing for...
Read More

How Can You Practice Smart Credit Card Management after Bankruptcy?

How can you learn better credit card management after bankruptcy? Using credit after bankruptcy is an intimidating experience for many...
Read More

How Do You Improve Your Credit Score?

How do you improve your credit score? Here's what you need to know. Your credit score plays an important role...
Read More

Does Bankruptcy Credit Counseling Work?

Bankruptcy credit counseling helps you emerge from bankruptcy understanding credit management. People filing for bankruptcy must take two courses regarding...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions