For many, filing for bankruptcy is the best way to eliminate credit card debt and begin rebuilding credit. In most cases, a Chapter 7 bankruptcy is ideal. However, clients who are unable to pass the bankruptcy means test or families facing foreclosure can find debt relief by filing Chapter 13.
One of the most unbearable parts of struggling with debt is the constant harassment from creditors along with threats of repossession, wage garnishment and even foreclosure. When you file for bankruptcy, all of this will stop immediately. This automatic stay can also protect you from lawsuits and legal judgments during your bankruptcy.
Bankruptcy can help you get your debt under control without paying exorbitant fees or making minimum wages
for years. To discuss your options with a Bucyrus/Galion credit card debt attorney, contact us for a free consultation
Once you are in a chapter 13, no more interest at ridiculous rates can be charged as well as not over the limit charges and late fee charges. Whatever the balance of the credit card is the date of filing that is the most that the credit card company will get. In most cases, the overall percentage that is paid back to creditors is not 100%.