Credit Card Debt Bankruptcy Staring at You?
Should you consider credit card debt bankruptcy? The card bills are coming in again this month. You struggled last month just making the minimum payments. The Obama administration was supposed to give you help with your bills with their fancy legislation, but the impact on you was simply to increase your card interest rates to frankly, obscene levels.
You found a calculator on the Federal Trade Commission website that would allow you to calculate how long it would take to pay off your credit cards. Last night, you put in the balance and the new 29.9% interest rate, and the calculator literally told you that the debt could not be paid off in your lifetime with the minimum payments that you can barely afford anyway.
You’ve reached the end. If you try to pay off the debt, you will literally have a ball and chain around your legs for your foreseeable future. You simply cannot do that. You must protect your family, your home, and your future.
You have survived losing your job and with your new prospects, you need to be able to get a clean start.
The bankruptcy laws are designed to give you that “clean start”. Most people have trouble with the thought of filing bankruptcy even when such corporate behemoths as General Motors, with the aid of that Obama administration, filed bankruptcy. We have been taught from childhood that we must pay our debts, no matter what. However we do not have debtor prison in this country and our legislators saw fit to provide forgiveness in the form of bankruptcy protection.
Bankruptcy is in fact about forgiveness, not punishment. Our American dream is to be able to build a sound financial future for our families. The bankruptcy laws are designed to be able to give a clean start so that someone can start over and begin again.
The decision to file bankruptcy should not be taken lightly and you must get professional advice before making that decision. You will be required to attend debt counseling before filing bankruptcy. Although it is not required, one should strongly think about participating in a credit score improvement course following credit card debt bankruptcy, so that you truly get a clean start.
In almost thirty years of law practice, James Montgomery has been giving advice to clients on how mortgages work, how compound interest can make one rich, and how to develop extra cash flow for investing in real estate or another similar investment.
James Montgomery teaches about credit card debt and credit repair techniques. Get free information about credit card debt as well as a do it yourself package. Learn how you can repair your credit rating at improve credit score.
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