Is credit card bankruptcy your salvation? Those bills come every month. You were able to make the minimum payment last month but no money for a higher payment. President Obama promised help with credit with the legislation passed but all the company did was raise the interest rates to rates so high as to be unbelievable.
Surfing the Federal Trade Commission site, you located a payoff calculator for credit card debt. By putting in the balance, interest rate, and minimum payment, the calculator would project the time to payoff. At the 29.9% rate, the result was that the minimum payments would not retire the debt during your remaining lifetime. You can hardly afford that payment anyway.
There is nothing else that you can do without risking your family’s future, health, and maybe even your home. You just can’t do that. To protect your future and get what your family deserves, you just cannot continue trying to make the payments.
The loss of your job was tough but you are making it with hope for the future. You have to change what you are doing to start over though.
A “clean start” is what you need and can get through filing bankruptcy. You just don’t feel right about the thought of filing though. On the other hand, big corporations like General Motors have been bailed out by President Obama, through bankruptcy. Your upbringing as a child was very definite that debts must be paid back. You cannot be thrown in jail for not paying debts in this country. The people who made the laws provided bankruptcy as a route for forgiveness from that debt.
While punishment for non-payment would seem to be the purpose, bankruptcy is really about forgiveness. We dream as Americans about the goal of being able to have a financial freedom for our families. The law provides a fresh start for a new beginning.
Bankruptcy is not a step to be taken quickly without planning ahead and getting professional legal advice to make sure that you are taking the right action. A debt counseling course will be required before you can even file. More important though is what you do after bankruptcy. In order to truly get a new start, you will need to repair your credit to have the ability to begin again.
Looking to find the best deal on credit debt bankruptcy, then visit www.jamesmontgomerylaw.com to find the best advice on credit card help for you. This article, Credit Card Bankruptcy Your Only Option? has free reprint rights.