Credit Card Bankruptcy To Bail You Out?
Should you consider credit card debt bankruptcy? The card bills are coming in again this month. You struggled last month just making the minimum payments. The Obama administration was supposed to give you help with your bills with their fancy legislation, but the impact on you was simply to increase your card interest rates to frankly, obscene levels.
Surfing the Federal Trade Commission site, you located a payoff calculator for credit card debt. By putting in the balance, interest rate, and minimum payment, the calculator would project the time to payoff. At the 29.9% rate, the result was that the minimum payments would not retire the debt during your remaining lifetime. You can hardly afford that payment anyway.
What can you do? There really is not any alternative left. To pay off the debt, you would not be able to have anything as far as you can see. Your family cannot afford that money and would risk losing their home and future prospects.
You have survived losing your job and with your new prospects, you need to be able to get a clean start.
A “clean start” is what you need and can get through filing bankruptcy. You just don’t feel right about the thought of filing though. On the other hand, big corporations like General Motors have been bailed out by President Obama, through bankruptcy. Your upbringing as a child was very definite that debts must be paid back. You cannot be thrown in jail for not paying debts in this country. The people who made the laws provided bankruptcy as a route for forgiveness from that debt.
Non-payment of debt should result in a penalty but the bankruptcy law provides forgiveness. The American Dream is all about the security and benefits we can secure for our families. The bankruptcy law is about a new beginning with a clean slate from which to begin that trek.
Bankruptcy is not a step to be taken quickly without planning ahead and getting professional legal advice to make sure that you are taking the right action. A debt counseling course will be required before you can even file. More important though is what you do after bankruptcy. In order to truly get a new start, you will need to repair your credit to have the ability to begin again.
Learn more about credit card bankruptcy. Stop by James Montgomery’s site where you can find out all about credit card help and what it can do for you. Free reprint avaialable from: Credit Card Bankruptcy To Bail You Out?.
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