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Handling Credit Card Debt through Bankruptcy

Handling Credit Card Debt through Bankruptcy

: Richard West Law Office

bankCredit card payments can quickly pile up and leave credit card holders with mountains of debt, especially around the holidays. The purchase of a few presents from a few different stores can quickly become out of control, especially when you don’t see the money going out of your account immediately. For far too many people, credit card debt is a burden they cannot get rid of, and it takes over their lives, forcing them to sell possessions, take on multiple jobs, and more. In some cases, bankruptcy can help.

Clean Slate

Declaring bankruptcy is usually viewed as a last resort, and there is a certain stigma attached to it because it will stay on your credit history. However, declaring bankruptcy allows an individual to bring his or her debts to a court and prove they are simply too much to be paid off. The debts can then be discharged and the individual will see their credit report suddenly free of credit card debt. They will be back to ground zero, of course, but that is a far better place to start from than in a hole of debt.

To learn more about Ohio bankruptcy, do some research into the different types and the benefits and drawbacks of each. For some bankruptcy, like Chapter 7, the debts are completely discharged and a person’s necessary assets are largely protected. In a Chapter 13 bankruptcy, an individual can keep all of his or her assets, but he or she must also pay back the debts with all disposable income. These and other facts about bankruptcy are available online on the U.S. Courts website.