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Upset Woman Holding Her Many Credit Cards

Credit cards can be really easy to get. We have all heard stories about peoples’ pets getting unsolicited credit cards. It’s not as crazy as it used to be before the credit meltdown, but it’s still relatively easy to get a credit card and very hard to pay them off.

Bankruptcy is designed to be a secure means of debt relief for people in true need. But there are several options under the bankruptcy umbrellas, and each functions in a slightly different way. Bankruptcy processes are legally protected by United States law. However, one type of bankruptcy may be better for you than another. For many people, the first step is learning about the different bankruptcy chapters.

If you have specific questions, speak with a local bankruptcy lawyer about the laws in your state and how you might best be able to get debt relief.

If You Only Have Credit Card Debt Problems

Chapter 7 bankruptcy is designed to quickly eliminate all of your credit card debt. Only unsecured debt may be included in this filing, so if you are struggling with mortgage debt or car loans, this may not be a good fit.

Unsecured debt includes credit card, medical and utility bills, as well as personal and payday loans.

Chapter 7 cases may last only a few months, which means that you may be back on your feet quickly.

Before you file, you may want to get information on Chapter 7 exemptions in your state. In exchange for rapidly removing your debt, Chapter 7 does allow creditors, in certain situations, to claim certain types of property. In almost all cases there is no property sale thanks to Chapter 7 exemptions, which outline your protected property.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site or call 727-335-7151.