The Best Ways To Get Rid Of Credit Card Debt

Wouldn’t it be nice to get rid of all your credit card debt and start fresh again? Could you imagine the peace of mind you would have knowing that you could wipe your credit cards clean and not have to worry about paying them back? If you’re like most Minnesotans it’s pretty easy to rack up large amounts of debt on your credit cards quickly especially if something unexpected happens. Let’s face it, you never know if something unexpected is going to happen that might cost you several hundreds or even thousands of dollars. Let’s say your vehicle breaks down, you get sick or are injured in an accident, your business becomes unprofitable or you maybe you get laid off from work. The bottom line is that these types of things can happen to anyone and they happen all the time. The problem is that when they happen not only do they make a dent in the pocketbook it causes a lot of stress. Sometimes so severe that it affects you physically and mentally, and it damages relationships with your friends, family and even employers. Nobody wants deal with the financial burdens of large amounts of debt and especially if they weren’t planning on it. Fortunately because of Bankruptcy and the Constitution we have a good way to free ourselves from those burdens, without punishment, in order to live normal debt-free lives again. 

Chapter 7 Bankruptcy Provides Immediate Debt Relief

Chapter 7 Bankruptcy is commonly referred to as a “Fresh Start Bankruptcy.” Chapter 7 can be the best way to eliminate credit card debt quickly and easily. It doesn’t matter how much you debt you have; after filing Chapter 7 Bankruptcy that debt will be wiped away. Forever. Tax-free!

It works like this: you pick up the phone or submit a form online at the Kain & Scott website to sign up for a free, no-obligation bankruptcy consultation. Once you contact us our friendly receptionist will schedule a time that is most convenient for you to meet with one of our experienced Bankruptcy Attorneys. At that time you and the attorney will review your financial situation to determine your total debts and assets. The ultimate goal of this meeting is to figure out how we can help you get your life back. We want to help you eliminate every last bit of credit card debt and any other unsecured debt including medical bills, department store cards or even some personal loans but be able to keep the things you want or need like a house, car and boat. After the consultation you will have a clear understanding of your options and the Bankruptcy Process.

Next we file a Bankruptcy Petition, Schedules and Statements to the US Bankruptcy Court and attend a 341 meeting a few weeks later. This is a quick 5-10 minute meeting with the Bankruptcy Trustee appointed by the US Trustee’s Office. At that meeting you testify that everything on your petition is true and correct. Next, you just sit back and wait for your discharge. 60 days after your meeting with the bankruptcy trustee your case is discharged and you can say good bye to all of your debt! How great is that?

Chapter 13 Bankruptcy Provides Relief In 3-5 Years

Another bankruptcy option is Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is also commonly referred to as the “Easy Re-payment Plan.” Chapter 13 is another great solution to eliminate your credit card debt and any other unsecured debt, and is commonly used for people who have high incomes as well as significant debt. Chapter 13 Bankruptcy is a payment plan that lasts for a minimum of 36 months up to a maximum of 60 months, so it takes a little longer than Chapter 7 to wipe your debt clean. But a few of the good things are for one it legally stops any credit or debt collectors from harassing you for payments while you’re working towards debt freedom. And your payments are based on what you can afford after all of your reasonable and necessary expenses. This means you will never have to worry about if you can make the payments or not. Chapter 13 Bankruptcy is all about you, not the creditors, and ensures you will be able to provide for you and your family.

It works like this: you come to the Kain & Scott Bankruptcy Law firm and let us know how much debt you have and what you own. We then determine how much you can afford for a monthly payment after all reasonable and necessary expenses. Next we file a Petition, Schedules, Statement and Chapter 13 plan with the US Bankruptcy Court. Your creditors and the chapter 13 trustee have the right to object to confirmation of your payment plan. If that happens, your attorneys will negotiate with the objecting party to lock in the lowest possible monthly payment. Once the plan is confirmed, you pay that fixed amount for the duration of the plan.

For example, if all you can afford is $200 a month and the court approves it, that’s all you pay! It doesn’t matter if you have $10,000, $20,000, $30,000 or 100,000 in debt. $200 a month is all you pay and you only pay that $200 a month for the term of the plan. Depending upon your median income it could be as little as 36 months but no longer than 60. But what if you have more debt than what you pay during the plan? What if you have $50,000 in debt? A $200 a month payment for even the maximum 60 month plan would only calculate out to $12,000. Well guess what, that’s the good news! The rest of the debt gets wiped away. Forever. Tax-free!

Bankruptcy is the Best Road to Debt Freedom

Hands down there is no better way to eliminate debt, forever and tax-free than Chapter 7 & 13 Bankruptcy. And one of the greatest things about Bankruptcy is that it’s sponsored by our government! It seems like a lot of the times the government is trying to take stuff from us. However in this case it is quite the contrary. That’s why many say bankruptcy is one of the nicest things that Uncle Sam has ever allowed us to do!

If you’re in a financial bind, struggling with unmanageable credit card or unsecured debt contact the Kain & Scott Bankruptcy Law Firm today for free, no-obligation consultation. The government sponsors bankruptcy for a good reason. To help good people like you and me. If you’re still unsure about bankruptcy but want to learn more download our free eBook, “What to Expect From Your Bankruptcy Consultation”