We have many clients who have been financially responsible all their lives, but they encountered an unexpected negative even that sent their finances into a downward spiral. The most common examples are divorce, loss of a job and a medical emergency. When an individual is unexpectedly facing a large amount of debt, it is common for them to use their credit cards to cover living expenses, clothing and food.
The problem with credit card debt is that is snowballs quickly. Onerous fees, late charges and high interest rates can result in your credit card debt accumulating to double what you originally owed. Many consumers quickly realize that paying the minimum amount due will never allow them to get caught-up, but they can’t afford to pay more.
If you are in this situation, it is time to consider a Chapter 7 bankruptcy filing. Although filing a personal bankruptcy will lower your credit score, it is likely that your credit score is already suffering. In most cases, the benefit of being able to discharge or eliminate all of your credit card debt (and other unsecured debts) far outweighs the drop in your credit score. Imagine no longer being liable to pay the thousands you owe on your credit cards!
When you emerge from your Chapter 7 filing, you can immediately begin rebuilding your credit rating. Obtaining a secured or prepaid credit card can help. To learn more about rebuilding your credit, please read our blog titled “Rebuilding Your Credit After Bankruptcy.” To learn more about how we can help you obtain the debt relief you need, contact us today.
If you are considering filing for bankruptcy protection, let us help. We understand how important your bankruptcy case is to you, and we will handle it with the discretion and dedication that have become our calling cards. Contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC today by calling 414-377-0518. Like us on Facebook.