Get Out From Under the Weight of Credit Cards
Credit card debt is a plague in our society. Most people have some credit card debt and millions have huge balances that they will never be able to pay off. While the majority of consumers want to be responsible and take care of their debts, most credit cards are structured to keep debtors in service to card issuers through excessive interest, high fees, misleading teaser rates and minimum payments designed to maintain the balance status quo.
If you are buried under credit card bills, medical bills or other debt, you need to know that there are powerful debt relief options under federal law — options that can stop the collection calls, the garnishment and the pressure. Contact us to learn about how bankruptcy may be the right solution to your debt problem.
Unsecured Debt and Bankruptcy
Regardless of how big it is, most credit card balances are simply unsecured debts — debts with no collateral that can be taken away as a consequence of nonpayment. In contrast, a mortgage is secured by a house and a car loan is secured by a vehicle.
People get into credit card debt for a variety of reasons, which include income loss, medical problems, school expenses, excessive obligations and impulse purchases. When the debt becomes unmanageable, credit card companies make things harder on you , raising rates, charging extra fees and harassing families with collections calls; in many cases, creditors take consumers to court seeking judgments and wage garnishment when bills become excessively delinquent.
Talk to a St. Louis Credit Card Debt Attorney
The good news is that most credit card debt is easily dischargeable in Chapter 7 bankruptcy if you qualify. Under Chapter 13, you can usually arrange a manageable payment plan for substantially reduced payments and balances on credit cards and other debts.
Our experienced Missouri bankruptcy lawyers can answer your questions. Call us at 314-644-0303 or toll free at 866-394-1151 for a free consultation.