Credit Card debt has become a universal phenomenon in the US. A large number of people are looking for debt relief. Credit cards have represented the consumer economy in the US. With such a massive consumer base the credit card companies have been having the best of times. They have churned out huge profits out of interest rates and late fees.
Most consumers have found it difficult to pay their credit card bills due to a combined effect of overspending and recession. The users having lost their regular source of income are finding it difficult to make both ends meet. The resulting situation has seen a beeline for debt relief. There are many options available for debt relief. Bankruptcy is the ultimate solution that can alleviate you from credit card debt. However you need to consider a large number of factors before filing bankruptcy.
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First thing to be considered is if bankruptcy is the only solution or other methods can bail you out. Debt settlements have been seen as a very good alternative to bankruptcy. You can get out of debt without much harm to your credit. However you need to make a one time payment of a large amount to your creditors. It may involve getting into debt yet again to clear earlier debts. If it is inescapable then you need to look towards bankruptcy.
Are you eligible for bankruptcy? As per the new rules you may be forced to file under chapter 13. If this is not what you wanted then a debt settlement may be a better choice.
You will be better off hiring a lawyer to help you. There are also a large number of documents that you need to possess. You should have gone through credit counseling with a government approved counselor. Your tax returns are also required. If you fail to produce all the required documents within 45 days your application will be dismissed.
Therefore debt settlement is always a better option to eliminate over 50 percent of your debt.
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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