If Credit Card Debt Is a Problem, Bankruptcy May Be the Solution
People who are going through tough times financially rely on credit cards to smooth over rough patches. If these rough patches go on for a long period of time, your credit card debt can quickly become out of control. High interest rates and late fees can dramatically increase your credit card debt in a short period of time. People in financial distress may try to pay off part of one credit card balance with another credit card. This rarely works and in fact may create more problems than it solves.
If your credit card debt has ballooned, you need to look at all of your options. For many, bankruptcy has been an effective way to break free of credit card debt. The lawyer you choose can make a major difference in the way your case is resolved. For decades, people with serious debt problems have relied on attorney Robert Braverman to find solutions to their debt problems. With locations in Cherry Hill, Philadelphia and Willingboro , we serve people across South Jersey and the Greater Philadelphia area.
Helping You Explore All of Your Options
Credit card debts are unsecured. This means that the creditor cannot take property, such as a house or car, to satisfy the debt. For most people with serious credit card debt, Chapter 7 is the best option. If you qualify for Chapter 7, your credit card debts, as well as other unsecured debts, such as medical bills, will be discharged. This means that you are no longer responsible for paying them. For many people, Chapter 7 is a great way to get a new financial lease on life.
A word of warning: Any credit card purchases you make within 90 days of filing bankruptcy aggregating more than $650, or any cash advances of more than $925 within 70 days of filing bankruptcy are not dischargeable.
If you have a house and want to keep it, Chapter 13 bankruptcy may be a better option. In Chapter 13, you repay your secured creditors, such as arrears to your mortgage holder, over three to five years. You repay your unsecured creditors, such as your credit card debts, some fraction of what they are owed based on your income and asset levels. At the conclusion of your payment plan, any remaining credit card debts are discharged. In either situation, filing bankruptcy will put an end to sky-high interest rates and penalties.
Contact the Law Office of Robert Braverman, LLC Today
We offer a free initial consultation to discuss your debt and your option. If bankruptcy is in your best interests, we will be ready to help you move forward and get the debt relief you need. Call us at 800-759-0767 or complete our online form to get started.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.