ARE you credit card debts leaving you broke every pay day? Perhaps you’ve borrowed more than you can pay back and now feel trapped in your situation. I am often shocked to see how much people owe on their credit cards. What’s more shocking is that most of these people are already buried in debt and yet, month after month, they still continue to charge. Some think that they can borrow from one credit card to pay other credit cards. Get real. You cannot borrow your way out of debt. The first step to take when you are already drowning in debt is to stop borrowing. Period. No if’s and no but’s.
It is too easy to get into credit card debt. If you are used to buying things on credit, perhaps you don’t even realize how much your borrowing is really costing you. Unless you can pay the bill in full when you get it, in most cases you are paying a lot more than the cost of the item you purchased due to the interest that the credit card company is charging you. And of course, if you fail to make your payments on time, you will be charged late penalty fees and your interest rate can often be raised. In some cases, it can be worse: You can be sued by the creditor and be forced to pay through a wage garnishment or a bank levy. If you own a home, a lien can be placed on your property.
As a way to get out of credit card debt, some people choose to file bankruptcy after they’ve realized that it is their only realistic option. Often, debts have accumulated over the years and in a lot of cases, they have been turned over to collection agencies. Some people try to ignore them for as long as they can until one day they get sued by a creditor and that’s when they panic. I see a lot of these cases every day. It makes me wonder why people wait so long before taking any action because in a lot of cases, their problems could have been avoided had they acted sooner.
When contemplating bankruptcy as an option to get out of credit card debt, a good question to ask yourself is how long it will take you to pay off your debt on your own at the interest rate that the credit card company is charging you. Due to recent legislation, credit card companies are now required to give you this information on the monthly billing statement that you receive. But an even more important question to ask is whether or not it is EVEN POSSIBLE to avoid bankruptcy considering that (a) your creditors are now demanding that you pay the full amount because your account is delinquent; and (b) whether creditors have taken legal action against you by filing a lawsuit. If you have been served a lawsuit, your time is limited and if you do nothing, you may regret the legal consequences that will follow.
Creditor harassment will stop immediately upon filing for bankruptcy relief. Creditors are prohibited from suing you, garnishing your wages or freezing your bank accounts. Perhaps you’ve done everything you can to pay your debts but you just can’t do it anymore. If that hasn’t worked for you, maybe you need a different strategy. If you are ready to start over and improve your chances of having a secure financial future, seek the advice of a competent bankruptcy attorney who can help you evaluate your options.
For a free consultation, call my office at Toll-Free 1-866-477-7772 and we will help you step by step in finding a solution that’s right for you.
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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped over 4,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1-866-477-7772.
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