Intelligent and controlled use of credit cards can skillfully create a high-quality of credit that you can use to generate loans and other types of financial help. However, too many people fall into a credit card trap and get stuck paying forever. Thankfully, chapter 7 bankruptcy may be able to help.
Credit Cards Can Turn Into Traps
The credit card trap occurs when a person ends up buying too much at once and doesn't carefully balance their accounts. In some instances, they may end up having to pay more money than they make and struggle to make their payments. Some people get desperate enough to open up new credit card accounts to pay their old balances.
Obviously, this is a huge mistake. However, it is one that people fall into every year. Escaping from it without help may seem impossible. That said, many types of bankruptcy options are available that can help. Chapter 7 is typically the best choice for somebody in your situation.
Chapter 7 May Help You In This Situation
Chapter 7 bankruptcy is a useful choice if you get stuck in a credit card trap. It will prevent you from having to create a plan of repayment, which must be done with chapter 13 property. There are also many types of property that are exempt from this type of filing, meaning that they cannot be taken from you when you file.
Declaring bankruptcy on your credit card debt will help to wipe it from your record and give you a fresh start on life. That said, filing is not an inexpensive process. In fact, it can cost you a lot of money if you do it with an attorney. However, that alternative is infinitely preferable to doing it alone because mistakes can be very costly.
What Costs To Expect
When you break down your chapter 7 bankruptcy filing, you will typically pay about $350-450 doing it on your own. That cost breaks down to about $335 for filing and the required credit counseling course. This course helps you learn how to better manage your credit once your bankruptcy period is over. However, it can cost anywhere from $1,500-3,000 with a professional.
It might seem like doing it yourself is the best option. That is simply not the case. Sorting through the confusion of chapter 7 bankruptcy on your own will give you a big headache. You could end up putting 40-60 hours into the process by the time you're done. Even worse, silly filing mistakes that attorneys wouldn't make could get your claim denied and keep you in the credit card trap.
So if you want a way of the credit card trap and need a little bit of help, don't hesitate to contact a professional chapter 7 bankruptcy attorney. These specialists will identify what problems are plaguing your account and take steps to address the quickly and efficiently.Share