Having a lot of debts is like having a jumper cable linked to your brain that just keeps draining all the life out of you. If your credit card companies and debt collectors or even debt collectors are harassing you, it can feel as if sharks were circling you in a feeding frenzy.
A fast way out of credit card debt
There is a very fast way out of credit card debt. In fact, it can eliminate all your credit card debt in six months or less and get rid of all those sharks trying to take a bite out of you.
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It's called a chapter 7 bankruptcy
The pros of a chapter 7 bankruptcy
I've already mentioned the two biggest pros of a chapter 7 bankruptcy. It will dismiss all of your credit card debt and some of your other unsecured debts. It will also stop those debt collectors and credit card companies from continually hassling you. Just as important, you can probably get an attorney who will do a chapter 7 bankruptcy for $400 to $500, which is a lot less than what you owe on all those credit cards.
But it comes with a price
Before you run off to hire a bankruptcy attorney, it's important to know that it comes with a price. First, you may lose some of your most prized possessions as they could be seized and auctioned off to satisfy some of your creditors. You'll not be able to dismiss or eliminate all of your unsecured debts such as student loan debt, alimony and child support and back taxes.
What happens to your credit
When you file for bankruptcy, you won't be able to immediately qualify for a conventional mortgage, a car loan and the like. When you are able to get credit again it will be at a much higher interest rate. This is because interest rates are based on your three-digit credit score, which will be very low after your bankruptcy. To put this another way, a bankruptcy might clear your debts but it won't clear your credit history.
You will be flooded
After your bankruptcy, you will most likely be flooded with offers from unscrupulous creditors for low-balance credit cards to help you restore your credit. You need to be careful of these because many of them come with activation fees and membership fees that could push you close to your credit limit before you ever use the card. There can be late charges and over-the-limit fees that kick in and put you right back where you started. In other words, you will need to choose your new credit accounts very carefully.
How to keep from destroying your life
Even if you're facing big debt, you can get out of it without destroying your life. The answer is to use a strategy called debt consolidation. You could do this in the form of a debt consolidation loan. This is a simple solution because all you have to do is borrow enough money to pay all your credit card debts. You will most likely have a lower interest rate and will be required to make only one payment a month - instead of the multiple payments you're probably making now. And that one payment should be less than the sum of your current monthly payments.
Make no mistake
Don't make the mistake of thinking that a debt consolidation loan will eliminate your credit card debt, as would a bankruptcy. It's simply a way to move high-interest credit card debt to a new lower interest loan and get you more time to pay back what you owe.
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