Missed payments on credit cards can create an avalanche of late and over-limit fees coupled with increased interest rates. Once manageable accounts have now grown completely out of control. Your phone rings constantly as you experience creditor harassment, perhaps for the first time.
At the Reed Law Firm, P.A., we understand the pressure you feel over out of control debt and the fear you are experiencing in even considering the prospect of bankruptcy. Our job is to stand by you throughout the entire process of filing Chapter 7 or Chapter 13 debt relief and secure the fresh start you need.
Your credit card debt only increases as interest rates rise and penalties increase. Take action now. Call our Columbia-based firm at 803-807-2565 or our Florence law office at 843-536-0073.
At Your Side During the Process of Discharging Credit Card Debt
In the filing of a Chapter 7 bankruptcy, your attorney can assist with the discharge of credit card debt. This is usually a fairly simple process, assuming there are no claims of fraudulent actions or use of the card without any intention to pay it back. It is important to note that running up a credit card balance prior to bankruptcy can result in that debt being challenged by the credit card company. If they are able to prove their claim, however rare an occurrence it may be, you may be stuck with a nondischargeable debt.
Reorganizing Credit Card Debt Through a Chapter 13 Filing
If you cannot qualify for a Chapter 7 bankruptcy, a Chapter 13 reorganization remains a viable option. You will be required to pay back a portion of your debt over a three- to five-year debt repayment plan. However, the payment plan will almost always be better than what the payments are now; it gives you a certain date at which time everything will be paid off, and it ceases aggressive and sometimes harassing collection actions.
For more information or to schedule an appointment with an experienced South Carolina lawyer regarding a discharge or reorganization of your credit card debt through bankruptcy, please contact us.