How Filing for Bankruptcy Protection Can Rid You of All Your Credit or
Medical Debt
Recent news articles indicate that Americans are facing out of control
credit card debt. Normal people have had to use their credit cards for
necessities, like car repairs, home maintenance and even groceries. You
become late on one payment and the default (higher) interest rate kicks
in, not to mention a substantial late fee.
Even worse are those medical bills. More than 60% of bankruptcies in the
United States are driven by medical bills.
Luckily, both credit cards and medical bills are unsecured debt which can
be discharged (eliminated) in a
Chapter 7 case. The only time credit cards could be a problem is if you made a false
statement on your credit application to obtain the credit cards, or you
charged a certain amount just before you file. But, if you've gotten
past due on your credit cards the way most people do, Chapter 7 will eliminate
the credit cards, and definitely eliminate the medical bills.
In some cases, if your income is too high for a Chapter 7 case, filing
for Chapter 13 bankruptcy protection will allow you to pay off your debt
through one livable monthly payment to creditors at a lower amount and
percentage rate over 3-5 years.
In our office, if you qualify for a Chapter 7 case, we make sure that you
don't lose any property and certainly, don't run afoul of any
recent charges. What happens if there are recent charges? Make sure to
let us know, and we can "hold" the case for filing until after
the appropriate time periods expires. Then we can file and get you out of debt!
To find out what your options are, Call the Denton Law Group today at (619)
458-3739 and
schedule your free consultation.
