Even if you are severely in debt and there does not appear to be any options, there is still a possibility that you could eliminate credit card debt without bankruptcy. In fact, bankruptcy should be your last resort when trying to resolve serious debt.
When you declare bankruptcy there are serious consequences that will follow you for years. While it may not be the end of your life, it certainly puts a damper on things.
Credit card counseling services can help you figure out where things stand with your credit card debts. Debt consolidation services help you bring all your debts under one roof so that you only have one payment to worry about. Debt settlement services help you settle your debts. All of these take time, but can get your credit back in order and avoid bankruptcy.
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By using these services you can find ways to pay lower interest rates. They may persuade credit card companies to waive fees and eliminate charges that you have accumulated. They may also lower the amount you owe or give you more time to pay things back.
Homeowners can sometimes arrange home equity loans. Another option is a line of credit from your mortgage broker.
Lines of credit and equity loans are reasonably easy to get because they are based on the value of your home. They both can help you avoid needing to file for bankruptcy.
The downside of such loans is that your home can become at risk if you do not keep up with your payments. Don't take this kind of loan if you are concerned that you will not be able to pay.
A bankruptcy claim will damage your credit rating making it next to impossible to get loans or credit cars. If you do succeed in getting a credit card the interest rate is likely to be very high. Your debts may be gone, but you will have to manage on your regular income.
If bankruptcy is your only option makes sure that you consult with a bankruptcy lawyer. The attorney will help you with your claim, sort out any legal matters and represent you in court.
If at all possible you should do your best to eliminate credit card debt without bankruptcy. The effort is very much worth while. If you can't make sure you find a good attorney to represent you.
Louis Zhang,
idebtconsolidte dot com
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