Thinking credit card bankruptcy is your relief? The statements came in the mail, just like they do each month. The legislation proposed by the Obama administration was supposed to help out the common man but you can only make minimum payments on the cards. To pay them off would require more money than you make. The result of the legislation actually was to increase your interest rates.
The Federal Trade Commission has provided a calculator on its website that is designed to calculate the years necessary to pay off credit card debt. After filling out the variables for the calculator of the 29.9% interest rate and the minimum payment now being charged by the card company, the calculator determined that it would not be possible to pay off the debt during the rest of your life.
There is nothing else that you can do without risking your family’s future, health, and maybe even your home. You just can’t do that. To protect your future and get what your family deserves, you just cannot continue trying to make the payments.
The loss of your job was tough but you are making it with hope for the future. You have to change what you are doing to start over though.
The law provides a solution. Bankruptcy gives you the way to start over from scratch. Even though you were taught by your parents and school that all debts must be paid back, even General Motors was bailed out by bankruptcy and President Obama. If GM can start over, why not you? The bankruptcy laws were passed just so that someone could get a fresh start and begin again.
Non-payment of debt should result in a penalty but the bankruptcy law provides forgiveness. The American Dream is all about the security and benefits we can secure for our families. The bankruptcy law is about a new beginning with a clean slate from which to begin that trek.
Bankruptcy is not a step to be taken quickly without planning ahead and getting professional legal advice to make sure that you are taking the right action. A debt counseling course will be required before you can even file. More important though is what you do after bankruptcy. In order to truly get a new start, you will need to repair your credit to have the ability to begin again.
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