Government Assistance Credit Card Debt
If you're struggling to pay down your credit card debt, you're probably wondering whether there's any sort of legal assistance available to you to help ease or eliminate your financial burden. The good news is that there is such a think as government assistance for credit card debt – it's called bankruptcy.
To speak with a bankruptcy attorney about your options for eliminating your credit card debt, please fill out this case review form. You can arrange a free, no-obligation initial consultation with an attorney near you.
How Bankruptcy Can Ease Your Credit Card Debt
Here's a little background on what bankruptcy is and how it can help people get out of overwhelming debt situations.
- Bankruptcy and the American Dream: Some people credit America's bankruptcy laws with encouraging the entrepreneurial spirit of the American people. After all, it's easier to take financial risks like starting a business or launching a new line of merchandise when you know you will have the option of eliminating your debts in bankruptcy if the venture fails.
- Bankruptcy protection for everyone: But, because of the way the laws are written, you don't have to be a business owner to take advantage of bankruptcy's debt-zapping powers. In fact, if you're in need of the government's assistance in eliminating your debt, you stand a good chance of qualifying for it.
- Chapter 7 bankruptcy protection: Chapter 7 bankruptcy works by completely discharging filers' eligible unsecured debts. In order to take advantage of the protection Chapter 7 can offer, you must qualify by a comparison of your income to that of the median income in your state. If you don't "pass" the test, though, you still have an option to get government assistance for your credit card debt.
- Chapter 13 bankruptcy protection: Chapter 13 bankruptcy works by granting filers three to five years of court protection in which to become current on past-due debts while keeping up with other debts. In order to file Under Chapter 13, a filer must have a steady, dependable source of income to adhere to the repayment schedule.
What Kind of Debt Is Credit Card Debt?
While credit card debt may seem like a vicious monster that grows ever more powerful, it has a positive side: it is typically entirely dischargeable in bankruptcy court. Credit card debt is unsecured, which means it is not connected to any property. Your credit card issuer cannot repossess any of your possessions for failure to pay your bills.
Will You Qualify for Government Assistance for Your Credit Card Debt?
To find out whether your financial situation qualifies you for the government assistance that bankruptcy offers, why not speak with a bankruptcy lawyer practicing in your area? You can ask your questions about your debt load and your personal bankruptcy options. Connecting with an attorney near you is simple - just fill out the case review form below to get started today.