As discussed previously on the Mesa Arizona Bankruptcy Law Blog, using a credit card is much easier than paying it off- in fact it seems as if one forgets the hardship involved with paying off the credit card when they use it the next time. However, there comes a point when credit card debt is no longer something that can be waved off-creditors come knocking on the door, wage garnishment looms and it is no longer possible to make do with minimum payments. What can Arizona residents do then?
As discussed previously, it is possible to declare personal bankruptcy in order to wipe out most debt, including credit card debt. In fact, since credit card debt is unsecured debt, it is usually the one that can be discharged. Depending on the type of personal bankruptcy one is eligible for, it may be possible to either discharge the debt through Chapter 7 bankruptcy or make court supervised manageable payments through a Chapter 13 filing
Determining which type of bankruptcy one is eligible for is perhaps the first step toward the fresh start bankruptcy can offer. Experienced lawyers such as those at our firm can help clients assess their financial situations, go over their paperwork and explain the requirements to them. Since everyone's personal situation and financial matters are different from one another, we work with clients to develop a plan that suits their needs.
In addition to this, we not only help clients through the bankruptcy process but we guide them through the next step as well-how to rebuild credit after bankruptcy. We explain steps that can be taken to rebuild credit-getting a good credit card, a loan and even refinance a home. For more on bankruptcy and rebuilding credit, visit our page.