Many people across the country find themselves in a position where they owe large - sometimes very large - amounts of money on their credit cards. And, these people are struggling to pay the minimum monthly payments - which can be quite considerable - often 1-2 thousand dollars per month, or more.
In addition, many people are finding that they simply CAN'T make any more payments, because the amount of credit card debt is simply too high- the interest rates are often very high, and the principle amount due never seems to change much. Many people find that they have to tap into IRA's or other retirement accounts just to pay the credit card debt.
Houston Bankruptcy Lawyers, Bankruptcy Attorney Corona, Bankruptcy Attorney Denver,
Instead of doing that, a person can start thinking about ways to either get out of their credit card problem, or ways to significantly reduce the problem.
First, a person can often file chapter 7 - a type of personal bankruptcy whereby that person gets out of all of his debt. There are many factors involved in deciding whether a person qualifies for a chapter 7 - such as their income level, their assets, etc. A person should contact a qualified local attorney.
There is another way to reduce one's debt- and that is through debt negotiation- which is where a person offers the credit card company less than is owed. Oftentimes, a person's credit card debt can be reduced significantly - by as much as 50% or more. Of course, to do debt negotiation, a person must have some money - so that he or she can pay something. Debt negotiation is for people with some money but who want to get their debt down - a lot.
Bankruptcy requires that a person get a local attorney - but with debt negotiation, a person can engage the services of a good, experienced attorney to negotiate on their behalf, and that attorney can be located anywhere. An attorney should be used because the proper paperwork needs to be done to protect the client - the person who is making the payment to the credit card company. You wouldn't want to pay - and then find out that you still owe the company the money.
One very good thing about debt negotiation is that it is normally done on a contingency fee basis - that is, the client only pays the attorney if a desired result is achieved. There may be a small upfront fee - but that fee, which can range from 250-500 dollars, is normally applied to the first settlement's fee.
So, for people with some money, who might not want to, or might not fit into the requirements of bankruptcy law, debt negotiation can often be a very effective tool to help reduce, significantly, one's credit card 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.
Rating of Bankruptcy Attorney Phoenix
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment