Achieving Credit Card Debt Relief Through Bankruptcy
Are you in over your head in credit card debt? Are you struggling to make your monthly payments?
It can take years and even decades to pay off credit card debt if you are only able to make minimum monthly payments. In the meantime, your credit will suffer and you may struggle to stay afloat financially. It is important to know that bankruptcy can wipe out credit card debt. If you are seeking relief from creditor harassment, lawsuits and other debt collection practices, it may be time to explore bankruptcy as an option.
Bankruptcy Options for Eliminating Credit Card Debt
Both Chapter 7 bankruptcy and Chapter 13 bankruptcy are viable options for dealing with credit card debt:
- Under Chapter 7 bankruptcy, credit card debt can be eliminated in a matter of months.
- Under Chapter 13 bankruptcy, credit card debt is reorganized, and debtors are set up on a repayment plan which usually lasts for a period of three or five years.
By eliminating credit card debt through bankruptcy, you will be able to obtain a fresh financial start. Once you are debt free, you can begin to rebuild your credit.
Bankruptcy vs. Debt Settlement
Debt settlement plans do not offer the same benefits as bankruptcy. There are possible tax consequences associated with using debt settlement companies. These companies are often not regulated, putting debtors at risk. Additionally, creditors often do not negotiate with debt settlement companies.
Bankruptcy is a long-term solution to credit card debt. Once you file bankruptcy, creditors must immediately stop contacting you. Depending on which type of consumer bankruptcy you file, your debts are either eliminated or reorganized.
Contact a San Fernando, California, Chapter 7 Bankruptcy Lawyer
To schedule a free consultation with a Los Angeles credit card debt relief attorney, contact my law firm in Woodland Hills. I can help you file Chapter 13 bankruptcy or Chapter 7 bankruptcy — a lasting solution to credit card debt.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
