Credit Card Bankruptcy To Bail You Out?

Should you consider credit card debt bankruptcy

? The card bills are coming in again this month. You struggled last month just making the minimum payments. The Obama administration was supposed to give you help with your bills with their fancy legislation, but the impact on you was simply to increase your card interest rates to frankly, obscene levels.

The Federal Trade Commission has provided a calculator on its website that is designed to calculate the years necessary to pay off credit card debt. After filling out the variables for the calculator of the 29.9% interest rate and the minimum payment now being charged by the card company, the calculator determined that it would not be possible to pay off the debt during the rest of your life.

There is nothing else that you can do without risking your family's future, health, and maybe even your home. You just can't do that. To protect your future and get what your family deserves, you just cannot continue trying to make the payments.

You have survived losing your job and with your new prospects, you need to be able to get a clean start.

The law provides a solution. Bankruptcy gives you the way to start over from scratch. Even though you were taught by your parents and school that all debts must be paid back, even General Motors was bailed out by bankruptcy and President Obama. If GM can start over, why not you? The bankruptcy laws were passed just so that someone could get a fresh start and begin again.

While punishment for non-payment would seem to be the purpose, bankruptcy is really about forgiveness. We dream as Americans about the goal of being able to have a financial freedom for our families. The law provides a fresh start for a new beginning.

Don't even think about filing bankruptcy without getting sound legal advice and planning ahead. Debt counseling is a prerequisite before you can take the step of filing for relief. You are only part way though once a bankruptcy discharge is in your hands. Your credit still must be repaired after discharge through participating in a credit repair course to really give you a clean slate to begin again.

by: James Montgomery.

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