Eliminate Credit Card Debt
Mounting high interest rate credit card debt is overwhelming and debilitating. If you are still making your minimum credit card payments, most or all of your disposable income may be going toward those payments, leaving you with little money to pay for necessities of life. If you have already stopped making your credit card payments, you will receive constant harassing phone calls from your credit card lender and its debt collectors. Soon thereafter, your credit card lender, or its debt collector, will file a credit card lawsuit against you. Holding off on paying credit card payments down the road doesn't work because with high interest rate credit cards, your balances more than double every 3 years: $25,000 becomes $50,000, $50,000 becomes $100,000, and so on. At some point, you will need to file a Chapter 7 bankruptcy, wipe the slate clean, and start to rebuild credit. An experienced San Diego bankruptcy attorney can help you successfully file a Chapter 7 bankruptcy, eliminate credit card debt, and become debt-free.
Filing a Chapter 7 Credit Card Bankruptcy in San Diego
Determining whether a Chapter 7 credit card bankruptcy (a Chapter 7 bankruptcy filed primarily to eliminate credit card debt) is the right solution for you, involves a 2-step approach. First, you need to determine whether you qualify to file a credit card bankruptcy in San Diego, so that you'll know if Chapter 7 is even an option available to you. This usually means taking and passing the Means Test, although there are other legal requirements in order to qualify for bankruptcy under Chapter 7. Second, if you can pass the Means Test, and you otherwise qualify (as determined by your bankruptcy lawyer), then you need to ask yourself a very important question: Do I need a fresh start? If the answer to that question is yes, and you qualify to file a Chapter 7 bankruptcy in San Diego, then a Chapter 7 credit card bankruptcy may be a good option to help eliminate your credit card debt.
Become Debt Free With Chapter 7
For those who qualify to file under Chapter 7, a credit card bankruptcy is a very effective tool for helping you become debt free and get a fresh start. If your Chapter 7 credit card bankruptcy is executed flawlessly, you can be in and out of bankruptcy in 90 days, and wipe out all of your credit card debt. This is very fast when compared to a repayment bankruptcy, such as Chapter 13, which takes 3-5 years to complete. With Chapter 7 bankruptcy, become debt free fast, and start to rebuild credit.
Credit Card Repayment Bankruptcy
If your income is too high to pass the Means Test, then you will have to file a Chapter 13 bankruptcy and repay a percentage of your credit card debt over 3-5 years, depending upon how much disposable income you have under the applicable bankruptcy legal standards. Determining how much disposable income you have under bankruptcy legal standards, involves a complicated and detailed set of calculations that can only be done properly by an experienced bankruptcy attorney. The percentage of credit card debt that you will have to repay in a Chapter 13 case can be as low as 1% or as high as 100%, or anywhere in between.
Consultation
Contact Bankruptcy Legal Center today to set up a free consultation with a San Diego bankruptcy lawyer, to go over your options for how to eliminate credit card debt and determine if a credit card bankruptcy is the right solution for your situation. Call 1-800-44-DEBTS (1-800-443-3287).
