Credit Card Debt
If you are drowning in a sea of credit card debt that you are unable to pay, bankruptcy may be right for you. Through a Chapter 7 bankruptcy, you can discharge credit card debt and obtain a fresh start. You may also be able to obtain debt relief through a debt reorganization bankruptcy under Chapter 13 of the U.S. Bankruptcy Code.
To learn more about your legal rights and options, contact Sno-Isle Bankruptcy in Everett, Washington. We practice exclusively in bankruptcy law, so you can depend on us for the reliable advice and representation you require.
Credit Counseling and Debt Consolidation: What You Should Know
If you have more credit card debt than you can handle, you may be thinking about contacting one of those debt consolidation or credit counseling organizations you have heard about on television or radio. Before you make a mistake you might regret, we encourage you to read our page on non bankruptcy options.
While debt consolidation and credit counseling have gained incredible popularity, they have definite drawbacks. With the former, you may damage your credit while still paying back a substantial portion of your debt. With the later, you may pay back most, if not all, of your principal balance.
You may take a short-term hit to your credit rating with a Chapter 7 bankruptcy, but it also gives you the opportunity to completely eliminate your credit card debt. Moreover, you can lower your debt to income ratio and put yourself in a position to make your monthly payments on time — both of which may allow you to restore your credit more quickly than if you continue to make late payments because of an unmanageable debt load.
Contact an Everett Bankruptcy Attorney
Speak with a lawyer at our firm to learn more about bankruptcy and non bankruptcy options. We can help you make an informed decision that is best for your particular situation. To schedule a free consultation, call 425-265-9400 or contact us by e-mail.
