Many American's are out of work and need to file bankruptcy, but don't because they feel so guilty about walking out on their paying their bills. Bankruptcy attorneys hear this every day during their initial consultations with people in financial difficulty. The answer to these questions is usually always the same. When you look at the amount of money that you have paid the creditor since the account was opened, you will find that they have received more fees, interest and late payments than you ever borrowed during the life of the account. Nowadays, interest rates on credit cards run anywhere from 18% to 28% making your balance double in just a few years if you only make the minimum payment. Credit card companies take a risk on giving unsecured credit out and reap high rewards for that risk. That's why consumers should not feel guilty about repaying creditors when they have to file for Chapter 7 bankruptcy.
Today, credit card debt is crippling most American families. Recently reported there was over 25 million Americans they can't even make their minimum payment on their debt. Back in 2009, almost half of all debtors miss at least one payment and one fourth of those are now worried about how they will keep current on their credit card payments. When you are in this situation, don't feel like the Lone Ranger, there are many more in your situation. This is when filing for bankruptcy might be the best solution for you. After filing a Chapter 7 bankruptcy the automatic stay will stop the creditors from harassing you and taking any legal action against you. This alone will eliminate a lot of stress as your phone goes silent from the constant calls from pushy creditors.
Whether or not a bankruptcy filing is right for you, it would greatly benefit you to seek consultation from a local bankruptcy attorney to discuss your options. The main benefit to Chapter 7 bankruptcy is wiping out all unsecured debts. If you are over burdened with huge amounts of credit card debt you might be a perfect candidate. Many times, getting out from under the pressure from credit card debt will allow you to be able to afford your house payment and possibly stop a foreclosure. Filing for bankruptcy stops all collection efforts immediately. Chapter 7 is a quick process that usually takes 3 to 6 months from beginning to end to get your discharge. If you have a lot of property to protect your bankruptcy attorney will probably advise you to file Chapter 13 bankruptcy. This will allow you to work out a repayment plan with the bankruptcy court and get caught up on all payments in arrears. Usually, a lot of the credit card debt will be eliminated as secured debts have priority to be paid first. Whichever you choose both chapters of bankruptcy can give you a fresh start on life. Bankruptcy is a powerful tool that was created to allow people to have a second chance.
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