Why file a Bankruptcy?
For one reason or another your income has changed to were you can no longer make the the payments on the debt you have. Credit cards are not very understanding, meaning after a few slow payments or non-payment the interest rate jumps to the max, even on the cards you did not miss a payment. Once this happens then the minimum payments that are required go up, Which if you were having problems before now there is no way you can make the payments.
Once all of this has happened how do you deal with the creditors. There are company’s that say the can get the creditors to lower there interest and lower the minimum payments. unfortunately they can not guarantee that all the creditors will accept the plan. Debt settlement company’s tell you they can get the creditors to accept less money, but it you have no money you can’t settle.
This is were the filing of the chapter 7 bankruptcy will discharge the debts, in a very short time. In four months you are now able to start rebuilding your credit which is the best part. In a couple years your credit scores could be in the high 600 to low 700.
So if for one reason or another your income has changed and your not able to pay the bill like before talk to a bankruptcy attorney to see how the law can help you.
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