Are you having a bad credit card crisis? Have your credit card payments skyrocketed to unmanageable heights? Are your accounts being turned over to debt collectors? Our Wisconsin credit card bankruptcy lawyers at the Bankruptcy Law Office of Richard A. Check, S.C. in Milwaukee, Wisconsin, can assure you that you are not alone – many fellow Americans are in the same boat as you. Although the burden of debt may seem overwhelming, it can be overcome. By filing credit card bankruptcy, you can save your financial situation from becoming worse.
If you are looking for information on credit card bankruptcy, most probably you have tried a number of other options already. You may have realized that severe financial hardships cannot be solved by realistic budgeting and self-help. Even the advice of credit counseling organizations is of no avail, if there simply are not enough funds for following through with money management plans. You may have also tried debt consolidation or credit consolidation, only to find that they have pushed you further over the edge, instead of offering the desired debt relief. It might be hard to admit, but there are times, when filing for credit card bankruptcy is your only option for gaining a fresh financial start.
Through years of experience with our customers, we at the Bankruptcy Law Office of Richard A. Check, S.C. know that in severe financial hardship, your best choice is credit card bankruptcy. Filing credit card bankruptcy is not the end of the road – it is the first step towards your financial recovery. Credit card bankruptcy must be filed in federal bankruptcy court as either Chapter 7 or Chapter 13 personal bankruptcy.
Eliminating Credit Card Debt by Chapter 7 Bankruptcy
Filing credit card bankruptcy by Chapter 7 (also known as straight bankruptcy or liquidation) is your option, if your average income over the past six months has been below state median and you have few non-exempt assets. However, with the appropriate guidance of a bankruptcy lawyer, you may be able to legally reduce your earnings and claim your work-related tools, basic household furnishings and even your vehicles as your exempt property.
A successfully filed credit card bankruptcy by Chapter 7 will free you from credit card debts in as little as four to six months. You will receive a court order, which will relieve you from your debts and will put an end to any further repayments.
Eliminating Credit Card Debt by Chapter 13 Bankruptcy
Chapter 13 bankruptcy is for those, who do not qualify for Chapter 7. It is also known as wage earners bankruptcy. The main difference between Chapter 7 and Chapter 13 is that the latter allows you to keep such non-exempt assets as rental properties, a mortgaged house or a car, in return for monthly payments on credit card debt. Unlike debt settlement plans, Chapter 13 will offer you full court protection. The court will approve a repayment plan, which will allow you to use your future income towards paying off your credit card debt. A successful Chapter 13 filing will enable you to become completely debt-free in the time period of three to five years.
Both above discussed types of credit card bankruptcy may alleviate your burden of unsecured debts, stop foreclosures, repossessions, wage garnishments, utility shut-offs and debt collectors harassment’s. Likewise, both have state based regulations and provide exemptions that will allow you to keep certain assets. Only with the guidance of a professional bankruptcy lawyer you can navigate through all the complexities of bankruptcy laws by making the most benefit from them.
Our professional team of bankruptcy lawyers at Bankruptcy Law Offices of Richard A. Check, S.C. is dedicated to perform its best in protecting your rights and interests. We will thoroughly investigate your case, give you the best advice tailored to your particular situation and provide you with regular updates on the status of your credit card bankruptcy filing. With seven offices across Milwaukee, Wisconsin, we focus exclusively on bankruptcy. We have the expertise, knowledge and skills needed for positioning you on the path to financial recovery. Contact us for a free, confidential consultation to discuss your options for filing credit card bankruptcy.