Dependency on Credit Cards
Are you using your credit cards to get by every month? Do you pay off as much as you can on your credit card debt, yet never seem to make a dent in your debt? Your debt seems to only be growing larger and larger with fees, interest, late charges. You may be caught in an endless cycle that can be detrimental even if your income grows. There is a way out of the cycle. A bankruptcy will give you the time you need to ween yourself off of the credit cards and keep your money for you and your family instead of the credit card companies or banks.
A credit card company is happy to help you through difficult times if you have the room to use them so that your debt on the credit card continues to grow. Your available credit lines are there in case you over spend and cannot afford to pay the full amount. When you are out of cash, your credit cards can hold debt for you until you have the cash to pay them. With more debt, the credit card will receive more interest and larger minimum payments with very little of the principal balance getting paid off if only minimum payments are made. In the future, when the economy recovers further and you start making more money, the new money you are earning will have to be used to pay back the debt you incurred while times were bad, making your increased pay negligible. If this situation sounds like yours, you are in a very dangerous position. The best option to clean your debt record and give yourself some time to recover from debt use is through bankruptcy.
How to End the Credit Card Cycle
A bankruptcy filing can stop all collections activities and put you under bankruptcy protection for several months while the bankruptcy is being processed. Through the bankruptcy protection, you can keep your income and save it until you can relieve yourself from the credit card debt. Currently, our Riverside bankruptcy lawyers and Orange County bankruptcy lawyers are experiencing about a three to four month turn-around in bankruptcy file processing by the court system. During this time, the bankruptcy protects you from any payment or collections from your creditors. At the end of the bankruptcy, your debt will be “discharged” or eliminated permanently, leaving your hard earned money to keep for yourself.
If you would like more information on how bankruptcy can help you or if you would like to schedule a free consultation, call Bankruptcy Law Professionals toll free at 855 257-7671.