Need Credit Card Help Bad?
Bad credit card debt destroying you? You can get help for bad credit card debt and eliminate it legally.
Many people think that you have to go bankrupt to get away from credit card debt. To eliminate it completely and immediately, bankruptcy is certainly the easiest solution.
By negotiating credit card debt, you can also eliminate the debt. You can opt to pay it off at pennies on the dollar or you can wait and see what happens with the collection process.
Credit card companies are lenders. Many of them are divisions of the “big banks”. The accounting rules and federal law require that they write off the balance of any credit card debts which are unsecured loans when those debts have become more than six months past due. So if you have stopped paying your credit card payments, six months from the last payment that you made, the balance will have to be written off or “charged off”.
Written off does not mean that you do not owe the balance anymore. It simply means that the debt is worthless as an asset on the books of the credit card company. In order to recover that asset, the company will either sell the debt, again at pennies on the dollar, or attempt to collect a debt from you.
For most people, who find themselves in this situation, collection will not yield much recovery. Normally the homestead is exempt and no states have exemption laws for much of your personal possessions. Even if using the federal bankruptcy exemptions, many people are judgment proof. Most retirement plans, insurance policies, and other long-term investments for retirement are exempt from such collection efforts.
In practice, even when suit is brought on credit card debt, the debt has been sold a number of times and the record-keeping is so bad that many debts cannot be collected. Make sure that you contact an attorney that is experienced in defending debt collection if you are sued.
Click here to get our free Credit Card Settlement Package where I disclose the 5 things no one else will tell you about debt settlement and also, bankruptcy.
Click here to learn how to do debt settlement by yourself
Just let us know if we can help you with credit card settlement, either by email at jemlaw@mac.com or
give us a call at 210-690-3700 to meet with an attorney for a complimentary evaluation.
