Thinking credit card bankruptcy is your relief? The statements came in the mail, just like they do each month. The legislation proposed by the Obama administration was supposed to help out the common man but you can only make minimum payments on the cards. To pay them off would require more money than you make. The result of the legislation actually was to increase your interest rates.
Surfing the Federal Trade Commission site, you located a payoff calculator for credit card debt. By putting in the balance, interest rate, and minimum payment, the calculator would project the time to payoff. At the 29.9% rate, the result was that the minimum payments would not retire the debt during your remaining lifetime. You can hardly afford that payment anyway.
What can you do? There really is not any alternative left. To pay off the debt, you would not be able to have anything as far as you can see. Your family cannot afford that money and would risk losing their home and future prospects.
You have survived losing your job and with your new prospects, you need to be able to get a clean start.
A “clean start” is what you need and can get through filing bankruptcy. You just don’t feel right about the thought of filing though. On the other hand, big corporations like General Motors have been bailed out by President Obama, through bankruptcy. Your upbringing as a child was very definite that debts must be paid back. You cannot be thrown in jail for not paying debts in this country. The people who made the laws provided bankruptcy as a route for forgiveness from that debt.
While punishment for non-payment would seem to be the purpose, bankruptcy is really about forgiveness. We dream as Americans about the goal of being able to have a financial freedom for our families. The law provides a fresh start for a new beginning.
Don’t even think about filing bankruptcy without getting sound legal advice and planning ahead. Debt counseling is a prerequisite before you can take the step of filing for relief. You are only part way though once a bankruptcy discharge is in your hands. Your credit still must be repaired after discharge through participating in a credit repair course to really give you a clean slate to begin again.
Want to find out more about credit card bankruptcy, then visit James Montgomery’s site on how to choose the best credit card help for your needs. Free reprint avaialable from: Credit Card Bankruptcy Your Only Option?.
