In this article we would like to address the age-old question, does bankruptcy rates credit card debt? In this article, we will have a two-part answer that will apply to this question. If your debt is old and you have shown that you have tried to pay it off in one form or another and it is just not working then, yes, bankruptcy will erase your credit card debt.
If you have just wrapped up a large amount of bills and you go and try to file bankruptcy, then there is a law that protects your creditors from this type of activity. This is where bankruptcy does not erase credit card debt. This practice was very popular in the late 1980s and to combat this type of deceptive behavior, our creditors began to shoot commercials explaining new laws that were passed on filing bankruptcy on credit debt.
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So yes, bankruptcy can erase credit card debt if the debt is old and if you have made attempts to pay it off in the past. Another great way that you can reduce the amount of credit debt you owe is to look into the recent credit bill stimulus package that has literally put billions of dollars into the American economy to keep it from crashing. You can contact any number of credit firms that will work within the stimulus package and they can help you, and many times they will do this for free.
It is best to look at all your options before you begin to file bankruptcy on any amount of credit debts you have. Have a look at other options then consult with an attorney that can give you legal of ice on what debts will be able to be erased and what debts may stick with you through the bankruptcy process.
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