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    Estate & Probate » Blog » Bankruptcy and Credit Card Debt

    Bankruptcy and Credit Card Debt

    There are countless tales of people who racked up a substantial amount of debt due to credit cards. These individuals often do not make enough money monthly to pay off this amount. Some people in this situation decide to pursue the option of bankruptcy. If you are debating filing for bankruptcy due to your mounting credit card debt, obtain the assistance of an experienced bankruptcy lawyer.

    When You can Not Pay Back Your Credit Card Debt

    In considering whether the bankruptcy process is right for you, one of the things that you should consider is whether you are able to pay off credit card debt. Many people who make enough money to pay off their credit cards find that they are not able to qualify for Chapter 7 bankruptcy. Instead, individuals in this situation who still want to declare bankruptcy are required to navigate Chapter 13 bankruptcy.

    If you are not able to pay back your credit card, rather than file for bankruptcy, you might be able to settle with the credit card company for a lower amount than what you owe. Other individuals decide to combine their debt onto one card to receive a lower interest rate and then pay this amount off over time.

    When You are Harassed by Creditors

    Many people who stop paying their credit card bills discover that they quickly begin receiving phone calls from collection agencies. For many individuals, this constant harassment is the reason why they seek bankruptcy relief. If debt on a credit card is large enough, some people are subject to lawsuits by their credit card carrier. If the credit card company is successful in obtaining a judgment against you, this could result in your wages being garnished. Given the seriousness of these situations, it is not hard to believe that people who are subject to harassment from credit companies decide to pursue bankruptcy options.

    When You Own a Lot of Property

    If you owe a large amount of property, filing for Chapter 7 bankruptcy is often not a wise idea because this means that you will be required to sell your nonexempt assets to compensate creditors. If you file for Chapter 13 bankruptcy, however, you are allowed to keep your property. Many people resist pursuing bankruptcy options because they do not want to give up their property.

    Speak with an Experienced Bankruptcy Lawyer Today

    If you decide to file for bankruptcy due to credit card debt, it is important to speak with an experienced attorney who can help you determine if this is a good option for you. Some people in these situations discover that bankruptcy offers them the opportunity to obtain a new start financially. Contact attorney Jim A Lyon today to schedule an initial consultation. Attorney Lyon has helped many people navigate the bankruptcy process and knows what it takes to make sure that your case resolves in a positive manner.

    Ethan Moran
    Ethan Moran
    09:36 28 Dec 22
    To my wife and I, our probate case was complicated. Not to Jim! He made it look so easy, and his attention to detail is incredible. Highly recommend to anyone seeking an estate planning lawyer.
    Philippe Joshua
    Philippe Joshua
    17:56 30 Nov 22
    Jim's firm was referred to me by a friend who knew I was looking for an estate planning lawyer. I can't say enough good stuff about him. He's genuine, thorough and highly skilled. Strongly recommend.
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    Estate & Probate » Blog » Bankruptcy and Credit Card Debt