With the economic problems of the last few years, there are more people struggling with their finances than ever before. In many cases, people have gone through their savings account and run up their credit cards. The plan was likely to get a new job and increase their income to be able to pay off those credit card bills. However, in many cases, this hasn't happened soon enough. Regardless of what got you into a position of having more debt than you can pay back, there are options available to you.
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Filing for bankruptcy is an option that is available if you have a large amount of unsecured debt that you can't afford. Typically, the process starts by speaking with an attorney to go over your finances. You will have to list all of your assets and all of your bills. Upon reviewing your individual situation, the attorney will recommend whether or not bankruptcy is an option for you. If it is, they will help you to choose between the two types of bankruptcy.
There are several different types of bankruptcy, but Chapter 7 and Chapter 13 are the ones most often used by individuals. Chapter 7 is known as a straight bankruptcy case. If you elect to file for Chapter 13, you will be put on a restructuring plan. In this case, you will make partial payments for several years before the remainder of the amount is eliminated.
In most cases, you will be allowed to protect certain assets. These typically include your home, car and retirement benefits. The fact that you know your home won't be taken away is a big comfort to people who are falling behind on their credit card payments. You should speak to an attorney however, if you have amount of equity built up in your home or high-end car to see if this will influence your case.
It will take several months for the bankruptcy process to complete after you file your papers. However, during this time, your creditors are not allowed to contact you. If the bankruptcy is approved, all of your unsecured debt will be eliminated and you will no longer be required to repay the balance on your credit card or other unsecured payments.
You should think very carefully before making the decision to file for bankruptcy. It will have a dramatic influence on your future for the next 7 - 10 years until it is removed from your record. During this time, you will likely have difficulty getting new credit cards. Any new cards you get will likely have very large interest rates on them. You will also probably have trouble getting loans for a car or a house. If you have enough of a down payment and income to be approved for a loan, you will still pay very high interest rates.
If you are struggling with overwhelming credit card debt, the first thing you should do is see an attorney. They will be able to explain the options that you have. If bankruptcy is your best option, it will have short term implications for your credit, but it can also give you the opportunity to start over with your finances.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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