Bankruptcy Attorneys for Credit Card Debt
At Reynolds and Gold Law, we understand that credit card debt can become overwhelming. It may seem like there is no hope of paying off credit card debt. Bankruptcy can be a way for you to start fresh by canceling your current credit card debt or establishing a manageable payment plan for you to pay back some of it.
Schedule Free Consultation
If you’re thinking about filing for bankruptcy, it’s important to have an experienced attorney by your side. At Reynolds and Gold Law, our lawyers have years of experience helping countless clients throughout Springfield and Southwest Missouri overcome their credit card debt through bankruptcy. Contact us today for a free consultation. During your consultation, one of our bankruptcy attorneys will discuss your situation to determine the best solution for you.
What Type of Bankruptcy Should You File?
For those with lower income levels, chapter 7 bankruptcy allows you to cancel most, if not all, of your credit card debts upon filing a discharge of debt granted to you by the court. That’s because credit card debt is technically “unsecured debt,” which means the property. In some cases, credit card companies may file a debt collection lawsuit against you, which could lead to the repossession of some of your property.
For those with higher income levels, chapter 13 might be a better option. In this case, you will be required to payback off a portion of your credit card debt over time as a part of a repayment plan approved by the court.
Does Bankruptcy Help Get Rid of Credit Card Debt?
The short answer is yes. For those filing Chapter 7 bankruptcy, you are eligible to cancel most, if not all, of the credit card debt you’ve acquired over time. For those filing Chapter 13 bankruptcy, you’re required to pay back a portion of your credit card debt. The remaining amount you owe can be canceled.
Can You Keep a Credit Card After Filing for Bankruptcy?
When you file for bankruptcy, you can expect to lose all of your existing credit cards. That being said, after the filing is complete, you can begin to apply for new credit cards. In fact, having and making on time payments on new debt after bankruptcy will help your credit rebuild.