Bankruptcy for Credit Card Debt Relief
Credit card debt remains very common in North Carolina. The business model of many credit card issuers relies on fees, charges, and high interest rates to profit off of lending transactions. Difficult circumstances can lead quickly to unmanageable balances. Throw in a changed term or two, and borrowers can find making payments all but impossible.
Bankruptcy remains very effective at eliminating credit card debt. Ordinary credit cards are unsecured loans that are discharged by the bankruptcy discharge in chapter 7 or chapter 13. Bankruptcy is a true and effective way to get relief from credit card debt--far moreso in the average case then the get-out-of-debt-quick schemes one sees advertised on late-night TV. No cooperation is needed from the credit card companies; if you are eligible for relief under federal law, then you can get relief.
Bankruptcy can provide effective debt relief, even for large credit card balances. Tens of thousands of dollars in outstanding credit card debts is not at all unusual. In fact, a debtor without credit card debt is probably more unusual than one with large amounts of it. Situations where credit cards were used for fraudulent purposes are an exception, and debtors involved in such a situation may have difficultly in the bankruptcy case.
Some chapter 13 plans will pay a percentage of the amount owed to each credit card lender, while others will pay nothing at all on credit card claims. We will evaluate your circumstances for free and advise you on what type of plan you might be eligible for in bankruptcy. Chapter 7 is also effective on credit card debt, and if a debtor has no assets above the property-allowance exemptions, the credit card debts will be wiped without payment.
Isn't it time to put the credit card debt in the past? Start your personal free bankruptcy evaluation now.