Prior to deciding if declaring credit card bankruptcy is the ideal choice for you, you must first determine if your circumstances even qualify you for doing so. You might decide that ruining your credit rating is not worth the advantages you will gain from filing bankruptcy. One time, a customer of mine filed for bankruptcy to eliminate $3,000.00 of debt. She did not owe anything else and her house was paid for. She ended up shelling out $1,200.00 for an attorney to get rid of $3,000 and she destroyed her score in the process. You will want to determine if filing for bankruptcy is going to be worth the costs you will pay in fees and the loss of credit.
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You do have more options to mull over prior to filing for bankruptcy. Usually, bankruptcy should be your last and final solution. Basically, if you cannot make your payments each month to the card companies, you may give a credit counseling company a shot. You will pay a negligible amount each month to the counseling company to contact your card organizations to get a lower interest rate for you, which will provide you with smaller payments.
Bear in mind that the majority of these counseling services get paid by credit card organizations, and specific cards might not be included in the negotiation. Also, the amount they get your payment lowered to may not be enough to significantly ease your money troubles. You can also choose to contact Certain organizations will try to give you smaller payments or relieve you of large portions of the debt entirely instead of having you file for bankruptcy. You do need to remember that this option will cause your credit rating to diminish significantly, because credit card companies do report these actions.
Prior to declaring bankruptcy, ensure that you have a list of everything you wish to be included in the filing. Several people I know have suffered through the entire filing just to find another credit card they had forgotten about. As you go through the filing, you should get an attorney that is able to challenge adversary proceedings. These proceedings are a move by a credit card organization where it tries to state that you never planned on paying off the amount charged to the card, so it should not be forgiven with the bankruptcy ruling. As soon as the filing is over, you will want to try to repair your credit and get your rating moving in the right direction again.
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