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Credit card debt relief and bankruptcy – Do they go hand in hand?

Credit card debt is undoubtedly the most common debt in the United States of America. Among the biggest banks in the US, most of them hold the majority share on credit cards, according to studies by financial analysts. Majority of the people in our country are hugely dependent on their credit cards and they use it as just another part of life. Literally, there’s no harm in using a credit card but if you don’t know how to use them, you will soon find yourself drowning in a sea of debt. However, the good news is that there are some reliable steps to eliminate your debt, one of the most common ways being bankruptcy. Check out whether or not bankruptcy and credit card debt relief go hand in hand.

Potential options for credit card debt relief

Getting a credit card is nowadays as easy as filling out a slip of paper at a baseball game. But when you incur debt, getting rid of your credit card debt can indeed be a complex process. Among all the debt relief options, bankruptcy seems to be the most secure way of dealing with your credit card debt but apart from this, there are several options and each of them function in a different way. The process of bankruptcy is legally protected by the United States law.

When you only have credit card problems: If the debt that you owe is entirely on your credit cards, and you think that you won’t be able to repay all your creditors with the meagre means that you have, Chapter 7 bankruptcy can be a good debt relief option for you. However, you have to remember that through Chapter 7 bankruptcy, you can deal only with your unsecured debts and hence if you also have mortgage loans and other secured loans, this might not be a good fit for you. Unsecured debt may include credit card debt, personal loans, utility bills and medical bills. Chapter 7 may last for a few months and this means that you will get back on your feet within a few months.

When you have several types of debt: While the focus of Chapter 7 is mainly on unsecured debt, Chapter 13 may address several types of debt. Car loans and home mortgages might be included along with credit card and other unsecured bills. If you wish to file this type of bankruptcy, you need to have some regular income as Chapter 13 combines and orders your debts and also allows you to make a single monthly payment to the trustee to repay what you owe. Stronger property protections comprise in Chapter 13 bankruptcy and hence this may be a good choice for you if you want to include both secured and unsecured debts.

Hence, whether or not you choose bankruptcy to get rid of your debts, depend on the types of debt that you owe. If you’re a resident of Dallas, you can choose to take help of Dallas bankruptcy attorneys who can assist you in making the right decision in accordance with your income and current financial situation.

Asked by Liza Gonjalwis on Sep 8, 2014

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