Credit Card Bankruptcy – Tips In Eliminating Credit Card Debt Without Bankruptcy

A great many Americans are concerned about their rising credit card debt

, a trend that reflects the national increase in the average sum owed to creditors. Understandably, these spikes in credit card bills are closely related to widespread unemployment, and a third of low income families report that the prime contributors to their credit card debt have been medical expenses. According to the Federal Reserve, forty percent of our nation's families spend more than they earn.

When the struggle to keep ahead of credit card debt becomes a losing battle, many borrowers feel they have no option but to file for bankruptcy. In truth, with all the potential risks and long term negatives effects plus the existence of less detrimental debt relief programs available today, bankruptcy should be considered an extreme measure only to be taken after exhausting all other possibilities.

Seeking debt relief through bankruptcy has far reaching, long term consequences that are best avoided. While individual state laws protect the rights to retain certain assets, there looms the very real possibility that the courts shall mandate that, under bankruptcy proceedings, some of your estate properties will be liquidated (repossessed and resold) for the purpose of paying off creditors.

As if this wasn't reason enough to consider a form of debt relief apart from bankruptcy, there's also the spiraling unfairness of a dazzlingly complicated legal procedure that demands the aid of attorneys skilled in their particular craft. It's already ridiculous and vibrantly shameful that the state and federal authorities continue to up the bureaucratic costs of Chapter 7 bankruptcy protection for its poorest citizens with administrative expenses and required consumer finance classes: the price of tuition, which differs wildly across the nation, falls to the responsibility of the soon to be bankrupt, naturally.

All that's bad enough, but how on earth are the debtors supposed to further advance the outrageous costs of legal counsel so that they may receive a decent chance at navigating the endless documentation surrounding modern bankruptcy filings? Lawyers well traveled through bankruptcy proceedings may represent the only chance of warding off court seizure of the borrower's possessions - the final arbitration of which shall be left to the whims of the magistrate and the head shaking peculiarities of local statutes. An attorney who specializes in bankruptcy exemptions for a specific state and county may now be as central to government sanctioned debt relief as the trustee.

Furthermore, though older borrowers insist upon viewing credit card debt relief through bankruptcy protection as somehow nobler than independent ventures such as settlement negotiation which have only lately expanded to cover average Americans. Whether this misplaced admiration for the bankruptcy courts lies within the program's longevity or governmental support or simply because so many popular board games employ the phrase, it's actually the least desirable potential outcome for lenders, and, for folks that may want to one day buy a house or help their children afford higher education loans, the Chapter 7 cure may well be more malignant than the disease of credit card debt.

The advent of debt relief alternatives such as consumer credit counseling and debt settlement has essentially made bankruptcy useless. These services employ progressive strategies which preclude the drawn out and stressful court proceedings bankruptcy inevitably entails. Instead, debt relief professionals negotiate directly with your creditors to reduce your debt obligations. Anyone considering an bankruptcy filing ought to first look into the various kinds of assistance that debt relief programs have to offer.

Credit Card Bankruptcy Tips In Eliminating Credit Card Debt Without Bankruptcy

By: arnoldfraizer

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