Credit Card Debt
The most common type of debt people like you have is credit card debt. Why? Because the big credit card companies and banks have been seducing you with offers of new credit cards, lower interest rates, courtesy checks and cash advances probably since you were still in school.
Not Your Friend
We all know how it goes: something unexpected in your life happens. You use the credit cards for a short-term need. Just a stopgap measure to help you get through the rough patch, like the coronavirus quarantine where you’re not allowed to work. However, by the time you’ve gotten back on your feet, the outrageous interest rate is making it impossible to pay the balance down. The minimum payments aren’t doing the trick. You had every intention to repay the credit cards. However, what you thought was a solution is just a new problem. It feels like you will be paying minimum balances forever.
Bankruptcy and Credit Cards
Credit card debt, as a rule, is discharged in bankruptcy. Yes, there are exceptions to credit cards being discharged in a bankruptcy, like recent use and fraud. Does it make sense to file bankruptcy just for credit card debt? Like most things, it depends. You’ll want to meet with a Santa Clairta bankruptcy attorney.
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