Many of our clients have been responsible with their finances all of their lives, but they had an unexpected negative event occur in their life that devastated them financially. The most common examples of negative events that lead to a bankruptcy filing are loss of a job, divorce and a serious illness or injury resulting in costly medical bills. In most cases, people who cannot make ends meet begin to rely on their credit cards to pay for their basic necessities.
Credit card debt can accumulate quickly, especially once your lender begins to add on fees, late charges and high interest rates. In fact, the original amount of your debt can double before your know it! Even if you are paying the minimum amount due, it can be years before you will be able to get caught-up. For many people, the chance of that happening is unlikely.
If you are facing this type of financial struggle in your life, it may be time to consider filing a personal bankruptcy case. It is true that filing a Chapter 7 or Chapter 13 will damage your credit score, but your credit rating is probably already low due to late or missed payments on your loans and bills. However, the benefit you gain from discharging or eliminating all (or the majority) of your credit card debt and other unsecured debts far exceeds any drop in your credit score. Think about the relief you would feel knowing you are no longer responsible to pay the thousands of dollars you owe on your credit cards!
As soon as you receive your discharge from debt, you can immediately start to work on rebuilding your credit score. With patience and hard work, you will see your credit score improve before you know it. If you are interested in learning more about how to get relief from your overwhelming credit card debt, call us today.
We are bankruptcy lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation.