Credit Card Debt Bankruptcy - How New Federal Laws Make Bankruptcy Less Attractive For Debt Relief
Filing for bankruptcy might have been appealing in the past however new federal laws make this option far less attractive. It is important that consumers know all of their options for debt relief before ever filing bankruptcy.
If you are buried in credit card bills and are struggling to make even the minimum payments you might feel as though filing for credit card debt bankruptcy is your best option. Filing for bankruptcy might have been appealing in the past however new federal laws make this option far less attractive. It is important that consumers know all of their options for debt relief and also the severe implications associated with filing bankruptcy.Filing bankruptcy will hurt your credit score for at least 7 years after
your case has been settled. With the average bankruptcy case taking 3
years to resolve, this means you credit is going to be negatively
affected for 10 years on average. That's a long time.
Filing for
Ch. 7 used to be the easy way out however new federal laws make it much
more difficult to qualify for. Ch. 7 is the "fresh start bankruptcy"
where almost all your debts are forgiven. The new federal laws make this
almost impossible to qualify for now. You are much more likely to
qualify for Ch. 13 which means you will still be paying back the
majority of the debt, it's just stretched out to a longer payback
period.
If you feel like you are on the verge of filing for
credit card debt bankruptcy it is important that you understand your
alternative debt relief options . If you are struggling to meet you
minimum monthly payments then there is only one legitimate alternative
to filing bankruptcy.
Debt settlement Debt Settlement is only
intended for consumers and small businesses with at least $10 in
unsecured debt that are experiencing a legitimate financial hardship.
Credit card companies and other creditors of unsecured debt understand
that if you were to file bankruptcy they would likely receive little to
none of their money back. Knowing this, if they believe you are a
legitimate candidate for bankruptcy they are more than willing to
negotiate and settle for a small percentage. 50% of their money back is
better than nothing.
Getting out of debt through a debt
settlement process is currently very popular but you need to know where
to locate the best performing programs in order to get the best deals.
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Consumer Credit Counseling Information, Debt Management Plan Information, Debt Settlement Plan information, Credit Counseling, Credit Score, Consumer Credit Counseling Service, CCCS, Bill Consolidation, Credit Repair, and Debt Consolidation is not advice, and we recommend you consult a licensed credit counseling agency, debt settlement attorney, and/or licensed debt management plan administrator in your state if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
