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Payday Loans

Bankruptcy Law

Chicago Payday Loans Attorney

Have you taken out a payday loan to cover urgent expenses but now find yourself trapped in a cycle of debt? Many Chicago residents find online payday loans an attractive solution to satisfy immediate financial needs. However, short repayment periods and high interests often trap them in a cycle of debt and make it difficult for them to escape. 

At Wonais Law, LLC, we help people like you to break free from the cycle of payday loan debts. Call us today and discuss your situation with our Chicago payday loan attorney. We can help you to eliminate debt and remove your financial burden.

How Payday Loans Have Changed After New Regulations|

The Public Act brought the following changes to payday loan regulations in 2021 to protect the interests of consumers:

  1. Waiting period restriction between loans: It restricts taking out another payday loan for a certain period after paying off one. The waiting period varies from 2 to 14 days.
  2. Maximum loan amount restriction: It restricts you from borrowing more than a certain amount in a specific time. You cannot borrow more than $1,000 in a month or 25% of your gross income. However, in the case of a payday installment loan, the limit is 22.5% of your gross income.
  3. Loan transaction limit: You can only have a maximum of two payday loans at a time, regardless of whether they are regular or installment loans.
  4. Repayment plan restriction: It also restricts payday lenders from providing another loan if you are repaying your current payday loan under a repayment plan and for a further 14 days after completion of repayment.
  5. Interest limits: It puts a 36% cap on the annual percentage rate and prohibits exorbitant debt collection practices. Previously, payday loan companies used to charge exorbitant interest rates, such as 260% to 780% annually, as they didn’t conduct a bank account or credit check.

What Are Your Relief Options to Get Out of Payday Loan Debt?

The bankruptcy code provides you with two ways to get rid of payday loan debt:

  1. File for Chapter 7 and wipe out all your payday loan debt.
  2. File for Chapter 13 and repay your payday loan debt over a certain period without accruing interest.

Both options have their benefits. Therefore, your case determines which option would best protect your financial interests.

Features of Bankruptcy Chapter 7

  • It can eliminate your entire payday loan debt and almost all other unsecured debts, such as past-due rent payments, credit card debt, and personal loans.
  • It provides a fresh start but sells your non-exempt assets to pay off your creditors. Furthermore, It impacts your credit rating for up to 10 years.

Features of Bankruptcy Chapter 13

  • It allows you to repay payday loan debt and all other debts in three to five years according to a structured repayment plan.
  • It allows you to retain all your assets and dictate repayment terms. It means you would have the power to propose the repayment plan that best fits your needs and ability to repay.

It is important to note that your plan must meet specific criteria mandated by law to be approved by the bankruptcy court.

Why Choose Wonais Law, LLC in Chicago to Help With Your Payday Loan Debt?

Wonais Law, LLC is a debt relief agency that has helped thousands of Chicagoans overcome high-interest loans, including payday loan debt, and achieve financial freedom. Our Chicago payday loan attorney understands the complex structure of payday loans, the laws that come into play, and the challenges they pose for borrowers.

When you embark on your journey to a payday loan-free life with us, you’ll never feel left behind. We’ll promptly address all your questions throughout the process and keep you updated on the progress of your case.

Read how satisfied people from Chicago, IL, are after working with us:

If I can leave more stars I will. John is great with making sure I understand everything that is going on, I really appreciate how he’s always there to answer any questions I have. My chapter 7 is just about over and I have a 2nd chance of living life debt-free. – Tiffany
Contact us today to discuss your deteriorating financial situation. We provide free consultation. Our Chicago payday loan attorneys have extensive experience handling cases like yours. They can help you to get off the payday loan debt cycle.

Client Testimonials

What Our Clients Say

I want to start by saying THANK YOU! John was patient, prompt, informative and easy to work with. In our time of need, he helped my parents file for bankruptcy successfully and at a great price. If you are ever in the need of any services concerning your debt and potential bankruptcy litigation, I give my word and experience that John is the BEST in the Chicagoland area.

- Eric McDowell

John was outstanding in the process of my chapter 7. Not only did he keep me abreast of every step and matter that involved my BK but he was reasonable with the price and the time I had to pay him. He sent me places that accepted my Bk when it came to getting a new car as well and his communication was an A+. There was never a time I couldn’t reach him and if he missed my call he would proceed to call back before the day over or early the next day. I recommend him to any and everyone!

- Lamar Johnson

John is a great lawyer to work with. It’s easy to be honest and share things with him. It felt good to communicate with him. When I reach out to him, he is very good at answering the phone or responding when he can. I recommend his work as well. He’s very organized and gets things done. Thank you John.

- JP W

This guy made my experience so smooth I would recommend him to anyone who is thinking about filing for bankruptcy. He is very patient with his clients and Is very informative. Every question I had he answered even if I asked it twice. Highly recommend!!!!!!

- Nikita Nichols

John is very patient, he’s worked with me from start to finish. Always answer my questions and never made me feel like I’m a bother. Never made me feel like I’m a number in his book. He’s very helpful and caring which is why I’d recommend him over any bankruptcy lawyer. Thanks John for all you do.

- Corey Ross

Thank you team DebtPros! The choice to file was not easy, but it was the best decision for my family. John, I appreciate your kindness, thoroughness, and professionalism. I feel like you’ve guided me through this process in a very personable way. Thank you for always being available to chat, and making the experience so efficient and understanding. I can see the silver lining toward a fresh start! Thank you again & Have a wonderful summer. Sincerely, SB.

- Shelly Boyki

I am honored to provide such a financial relief feedback for this amazing blessing whose name is Atty. Wonais. There is so much I could share endlessly about his superb knowledge and service that he offered me as his client. However, I will share what I found to be essential in my financial issues that Atty. Wonais selflessly provided to me as his client; his expertise, his ability of trustworthiness was "everything" oh my goodness he is truly trusting thru the entire process.

- Val B.

I was referred to them, and this has been the best decision I have ever made. I never been this confident in a person like I am with John. He heard my needs and wants, he made it possible to give me that. Excellent customer service. He put all my options on table to fit my needs. He never sugarcoat he gives it to you like it is meaning he’s not rude or unprofessional. He’s that person that tells you what you need and bot what you want. I have referred all my friends and family to his service.

- Nicole Murray

So one night I went online looking for advice on google and John came up and I called him on the weekend late evening and he happened to answered which was awesome. John helped me out with my situation he gave me amazing advice and options on how to take on my problems the right way. John is super easy to talk to Very informative and he answered all my questions.

- Freddy

This office and staff was amazing. I was referred to John from my best friend and as soon as I reached out he was very prompt on getting back to me and helping. From start to finish the process was amazing stress free and straight forward. He stayed in communication no matter what time of the day. If I had a question he had the answer. His tips and tricks and knowledge helped me a lot and made me more comfortable and excited about starting over.

- Kierra Smith

John took me on as a client with no problem. He was very understanding, passionate, helpful and available every step of the way. Trust me I am a very happy client, I definitely recommend John.

- Jessica Burton

John did a wonderful and seamless job with my case-he handled everything properly and was very timely in all of his communication. He is professional and reliable. I would highly recommend him to anyone who may have to deal with a bankruptcy. Five stars!

- Ashley I.

I had a great experience with Wonais Law, LLC. John is very patient and replies right away to any questions or concerns that you have. I would recommend his services to anyone.

- Erika Sing

If I can leave more stars I will. Wonaia Law is highly recommended. John is great with making sure I understand everything that was going on, I really appreciate how he’s always there to answer any questions I have ... My chapter 7 is just about over and I have 2nd chance with living life debt free.

- Tiffany Austin

John Wonais is responsive, professional, and cares for his clients. He is extremely experienced in civil litigation and has answered all of my questions in a way that I can understand as someone with zero experience in law. He has gone above and beyond and has always made sure to follow up with me when I’ve needed it. I truly feel that he has my best interest at heart.

- Ariana Khosravani

I really wanna give a big thanks to John he helped me out a lot. He walked me through everything to make sure I understand, good quality. I don’t think I could of did it without him ?

- Twona Gibson

He gave an expert and advise and a great service. He went all out to be sure I got a solution to the issue I had.

- Betty Salami

I want to thank John for helping me win my case he was very helpful throughout the process and very professional, thanks again.

- Diana M.

I was very impressed on how quickly I was responded to, and how my lawyer John made everything so easy for me to understand. I have never had to hire a lawyer before, and I'm really glad that I met such a professional, and honest person. I would highly recommended.

- Angela Mata

DebtPros is a law firm that specializes in consumer bankruptcy. John has years of valuable experience and is dedicated to helping clients file for bankruptcy. John is responsive and provides a free consultation to prospective clients. I recommend this firm to anyone who is considering filing for bankruptcy.

- Taylor Kosla

John Wonais provided me with timely and beneficial legal counsel. I would trust his firm to represent me in any creditor-related case. John's professionalism and expertise are second-to-none; highly recommend his services.

- Richard Young

Very helpful, professional and they’re reasonably priced.

- Anthony Brown

Great Professional Service- I have been working with Wonais Law the past couple weeks and I have been blown away from their attention to detail and professionalism. They get work done quickly and are extremely responsive. I would recommend this firm to everyone needing legal services.

- Andres Jara

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