|Posted by rexkaufman6721 on May 15, 2009 at 6:21 PM|
Card bankruptcy can happen as a result of not making your minimum payments on any debts outstanding on your credit cards. Banks and lenders may consider court action,eg bankruptcy, if you're unable to make acceptable agreements to repay your debts.
If you are drowning under giant amounts of card debt and falling behind in your payments or striving to keep up with minimum payments every month, then it's captivating to simply declare bankruptcy.
The fact is much harsher. Bankruptcy does more than just hurt your credit history. It also has effects on how and what you spend during your bankruptcy period. Were you aware that your bankruptcy attorney has a right to freeze your checking account so they can control which period.
Where possible duck going broke at all costs. There are alternatives to filing credit be repo'd by your bankruptcy that can be much better for your situation.
Your debt management debt to arrange negotiating lower rates or a debt consolidation clients and work with a necessity to combine your balances.
You could consider rolling your Mastercard a debt consolidation loan or a 0 interest balance-transfer card. Just be sure to keep up with your new payments or you risk sue you to recover the same financial trouble again in the future.
Another option you have is to call the Credit card company and ask for an interest rate reduction.
Rather than you have is to sink under the load of card debt, don't consider filing for credit card bankruptcy. Consider all your other options first and guarantee they are all completely exhausted before you take the more damaging trail your credit.
Credit card bankruptcy should be your last resort wherever possible.
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