Economics Finance

Are you considering filing for credit card bankruptcy? You are not alone. Thousands of Americans have filed for bankruptcy at this point. It is not surprising especially after what has happened to our economy. Bankruptcy is deemed by many as their only way out.

However, before you file for credit card bankruptcy, there are things that you might have missed which you might want to consider before you make up your mind.

Here’s what you should do to make certain that bankruptcy is indeed your only way out:

Get a spreadsheet and write down all your monthly expenses, everything to the last dollar. These expenses will include basic necessities; not so necessary items such as vacations, impulse shopping and the like; and of course a complete list of your credit card bills and other loans. If you notice that you have had unnecessary expenditures in the past, take those out of the equation and see if you are now able to pay your minimum requirement on your credit card bills. If so, then you can still save yourself from credit card bankruptcy. Cutting down on movies, eating out, short recreational trips can be your simple way out of financial destruction. Continue reading ‘Credit Card Bankruptcy – Considerations to Be Made Before Filing’ »

Sometimes, credit card debts just become way too big for one to be able to pay them off on time. Although it should only be a last resort, filing for credit card bankruptcy is the best solution to get out of this financial mess.

There are many options to choose from when it comes to filing for bankruptcy. Usually, the first option individuals choose is to file for chapter seven bankruptcies.

This would require one to provide non-exempt assets to someone who has legal authority on one’s behalf. These assets will then be sold and the proceeds will go to the creditors.

This way, debts are being paid off and the person will become debt-free in no time.

But the court requires one to pass some special requirements. One has to not have high income or possess a lot of non-exempt assets.

Otherwise, the court will have to disapprove of your filed case. The other way to go, of course, is to file for chapter thirteen bankruptcies.

Credit card bankruptcy filing may also be done through chapter thirteen. This type would allow one to get lower monthly payments which they will pay off to the creditors.

Now, bankruptcies always take a toll on one’s credit scores and the bad record can stay there for up to seven years. But, chapter thirteen ones have much lesser implications than chapter seven ones.

Continue reading ‘How To Battle Credit Card Bankruptcy’ »