If you are up to your ears in debt want and out, the first thing you need to do is examine your options. When you are behind in your payments, your options start to fade. When you are really behind, you options become extremely limited. It's nothing personal; it's just the system millions of debt-laden cardholders are finding themselves trapped in. Let's take a look at your options to determine the best way to escape your debt problem. Essentially, you have three options. (1). Do Nothing. (2). File Bankruptcy. (3). Opt to Settle Credit Card Debt
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Do Nothing - If you do nothing, meaning that you make no further payments. Stop answering the calls from the debt collection companies and don't respond to any of their dunning letters, nothing may happen. If the account has been charged off by the original creditor and turned over to debt collectors, the debt collection may determine that it's not worth pursing the past die account past automated phone calls and a collection letter every now and then. On the other hand, if you do nothing and a debt collection company decides that it may be worth it to sue you, now you've got a whole different set of issues to address.
File Bankruptcy - The new bankruptcy laws have made filing bankruptcy and expensive proposition and an altogether horrible experience. The way the system is designed, virtually everyone is herded into a Chapter 13 repayment plan. On the surface this sounds great but the problem is the majority of people (who would have qualified for Chapter 7 under the old rules) fall out of the plan. When that happens, they are right back to square one. It's as if they never filed bankruptcy, with one exception: they lose all of the money they paid into the plan plus they lose the attorney's fees! When that happens the only people who win are the bankruptcy attorney and the court appointed trustee.
Opt to Settle Credit Card Debt - The option to settle credit card debt is probably going to be the best of all of the options. When you settle credit card debt, you don't have to toss and turn at night worrying about if you're going to be sued. Once you settle credit card debt, the deal is over and done with! No more debt collection calls and no more dunning letters. In the final analysis, this option is better than doing nothing and much better than filing bankruptcy.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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