Personal Bankruptcy and Credit Card Debt

One thing that is never certain is the economy. In the last few years, the economy has gone through some major changes that have made life extremely difficult for some people. The stock market has been going up and down quickly and many people have been losing a lot of money, and the job market is in a terrible predicament. The unemployment rate has not been as high as it currently is for a long time, and the housing market is basically as low as it has been in decades. All of these factors have made it difficult for people to pay their bills and many people have debt that far overshadows their income. This has led a lot of people to file for bankruptcy.

Bankruptcy is a process by which people can get rid of their debt in a settlement where they may be required to give up a portion of their assets for elimination of their debt. This process is a way for people to consolidate their debt through restructuring and paying back a portion of the debt. Some of the biggest sources of debt that people have are credit cards that they use for daily purchases, home mortgages, automobile loans, and student loans. Paying on credit is easy at first, but when you get the bill, it can be overwhelming to see what you owe.

Credit card debt is one of the most dangerous types of debt, as high credit limits combined with high interest rates can quickly get out of control. The laws that deal with credit card settlement make it easier than ever to allow you to settle your credit card debt in the process of bankruptcy.

There are many new laws that are associated with bankruptcy so it is important to get information on the process and specific laws that must be complied with. Because of these laws it may be a good idea to get someone to help you. There are many personal San Antonio bankruptcy lawyers that can help you get through this and explain both the steps that you have to take as well as the laws that you must follow.

A bankruptcy lawyer will also know what type of bankruptcy you should file for. Chapter 13 allows you to consolidate your bills and pay them back with a payment plan. Chapter 7 bankruptcy is a full discharge of the debt. After the bankruptcy proceedings are final, you get the chance for a fresh start financially. You will have the ability to gain back control of your finances and leave your credit card debt in the past.

Jeff Davis is the Owner of the Davis law firm, and a highly experienced San Antonio bankruptcy attorney. To find out more information about a San Antonio bankruptcy lawyer, please visit www.jeffdavislawfirm.com.

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