Missing on your debt payments not only affects your credit score. It also leads to sleepless nights and in some cases grave tension. Most often it is the credit card companies that buzz you the most. When you are not able to meet the credit card debts should file a bankruptcy under Chapter 7?
Here are few points that would help you make the right decision:
* You must understand that filing a Chapter 7 bankruptcy is not wise enough. It adds to the bad credit score for 7 years.
* All these years, you would have major problems getting a credit card, home loan, car loan, personal loan, etc.
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* Many people do file Chapter 7 bankruptcy in place of Chapter 13 to get rid of the credit card debts. It is a partial declaration of the financial losses, unlike Chapter 13. But it does bring a bad name to you financially & legally.
* You must consult a lawyer and know all the pros & cons of this step before deciding anything. Credit card debts are not big an issue that you declare yourself bankrupt.
Bankruptcy Alternatives
* With the Stimulus Package 2009, President Obama has offered several grants. You could get one of these and use the money to pay off your credit card debts. These grants are directly given by the Federal Government and you can apply for the same of the Government's official website. Here you would not even have issues if you have a bad credit score. Just give the right & complete information & you would get some government aid.
* Other alternatives could be getting some personal loans from the banks. Now with the Stimulus Package you can get the loans at bad credit scores as well. You must try for one these after the online research.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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