Credit card debt presents one of the biggest reasons people file for bankruptcy. These debts can be burdensome, and their interest rates can make full repayment difficult or even impossible. If you are plagued with significant credit card debt, it is important to understand your rights and options.
Bankruptcy filing provides many options for relief, but it is important to file in the best possible way, with your unique circumstances and needs considered first and foremost. Having helped thousands of clients in more than 35 years of practice, we are ready to help you get a clean slate on financial life.
Credit Card Debt And Bankruptcy Attorney
It is important to realize that credit card debt is unsecured. In practice, this means that there is no collateral to back it up. Because of that, the debt is dischargeable in bankruptcy. Cash withdrawals or credit card purchases close to filing may not be discharged, however.
If you pursue a Chapter 7 filing, most of this debt will be discharged and you will have a clean slate without being required to pay the debt. A Chapter 13 filing requires a three- to five-year payment plan but is often a better choice for people who have more significant assets, or recent tax debt.
Regardless of your unique circumstances, we will work directly with you and help you pursue a method of filing that is best for you.
To schedule a free initial consultation with our Monmouth County bankruptcy lawyer, call toll free: 866-974-1136 or fill out our contact form. Hablamos español.
The law offices of William H. Oliver, Jr. & Associates is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.