QUESTION
What are the best credit card debt payment strategies? Why?
Asked on Apr 23rd, 2015 on Bankruptcy - Florida
More details to this question:
My credit card debt is growing from month to month and I now think that bankruptcy is an option I must consider. Will bankruptcy take care of all my credit card debt? Are there other payment strategies that I should consider before turning to bankruptcy?
7 ANSWERS
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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You can always try to negotiate with creditors for a discount or a longer period of repayment. But a bankruptcy can be more economical in the end, since it forces your creditors to accept little or nothing. Consult an experienced bankruptcy lawyer and see what she or he has to say. Good Luck.
Answered on Apr 29th, 2015 at 1:25 PM
Deborah F. Bowinski
If you are unable to pay down your credit card debt within a reasonable amount of time then bankruptcy is certainly worth considering. You should consult with a bankruptcy lawyer to discuss your options.
Answered on Apr 29th, 2015 at 8:30 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Bankruptcy will take care of all credit card debt. If your payments are small enough that you can handle them and still pay all your ongoing expenses, you can make payments. This will take years and you'll pay high interest rates. Credit counseling companies that promise that you can pay only a small percentage of your credit cards are usually a ripoff, you'll make high payments and your debt will never go down.
Answered on Apr 24th, 2015 at 1:47 AM
You need to assess total debt, assets and income to have an accurate idea. Consult a lawyer who will provide a free consultation.
Answered on Apr 23rd, 2015 at 7:50 PM
Although credit card debt is generally fully discharged in a Chapter 7 bankruptcy, credit cards that are run up just before filing may be vulnerable to claims that the use of the cards just before filing is fraudulent. Bankruptcy is to help honest people solve their debt problems, not to assist con artists to rip off creditors. Even banks that issue credit cards have legal rights.
Answered on Apr 23rd, 2015 at 7:25 PM
Generally Chapter 7 or Chapter 13 will wipe out the credit card debt. I can't think of a better strategy than that, other than to apply for a consolidation loan, but those can also become expensive and burdensome after a period of time.
Answered on Apr 23rd, 2015 at 7:06 PM
Advocacy Attorney serving Boca Raton, FL
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Steven H. Meyer, P.A.
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It depends on your income and assets. What state do you live in?
Answered on Apr 23rd, 2015 at 7:06 PM