Sacramento bankruptcy & injury law blog

Fast Financial Fix

Fast financial fix sounds like a catch-phrase for a scam. It can be. But there are options out there that allow you to fix your finances. And they can be fixed fast. Bankruptcy is one such option. And bankruptcy is far from a scam. It is a conservative legal undertaking to eliminate your debt. Normally bankruptcy is a last resort for consumers. But for those in need of a last resort, it is a worthwhile strategy.

Bankruptcy is premised on dealing with debt that can't be afforded. Those filing for bankruptcy know this. That is why they file for bankruptcy. Other financial solutions may not work, or can't be afforded. That's where bankruptcy can come in. Bankruptcy is a fast financial fix, too. Chapter 7 bankruptcy from filing to discharge last a little over three months.

Bankruptcy Eligibility

Not everyone is eligible to file for bankruptcy. There are certain income and asset restrictions. Those who are eligible, though, stand to benefit from bankruptcy law. Normally those seeking bankruptcy relief are eligible for filing bankruptcy. Their income and assets are limited. That is why they need bankruptcy help. Those in need of bankruptcy need a financial fix, a fast financial fix.

If you have too much income, or have too many assets, you commonly can pay your way out of debt. Bankruptcy is not necessary. But for those who can't, bankruptcy is an option. Bankruptcy eliminates credit card debt. It eliminates medical bills, personal loans, payday loans and even taxes. Bankruptcy is a powerful tool for those in need of a fast financial fix. This PBS news story illustrates a couple coping with their debt.

Beyond the fast financial fix, bankruptcy protects you from your creditors. If you file for bankruptcy your creditors can no longer collect from you. You can't be sued, foreclosed upon, have your wages garnished, your car repossessed or even contacted. It is another reason consumers file for bankruptcy.

If you are in need of a fast financial fix in the Sacramento area, contact my office for a free bankruptcy consultation to evaluate your options. You have nothing to lose but your debt! 

Bankruptcy Discharge of Credit Card Debt

Bankruptcy Discharge of Credit Card Debt

Bankruptcy discharge of credit card debt is one one the most common consumer causes of bankruptcy filings. If your credit card debt is more than you can repay, bankruptcy my be a solution. The main premise of filing bankruptcy is coping with debt you are unable to afford. Bankruptcy law allows to to discharge, or eliminate, debt you cannot repay.

If you are able to afford to partially repay your debts, bankruptcy law will require you do so. You may still be entitled to a bankruptcy discharge of credit card debt you can’t repay. So if you can pay back 20% of your debt, bankruptcy law can allow you to eliminate the remaining 80% once you pay the 20% back. Your ability to repay part of your debt and discharge the rest depends on your personal budget. The more you make, the more you can repay. The more your expenses are, the less you can repay. Every case and consumer are different. Typically the type of bankruptcy where you repay part of your debt is called a Chapter 13 bankruptcy.

credit card debtOften consumers want to repay part of their debt. Though a bankruptcy discharge of credit card debt is part of what may prompt a bankruptcy, repayment of other debts can be a factor. Cars and mortgages are commonly the types of debts that are repaid through a bankruptcy. This is particularly so when consumers are behind, or in default, with these types of loans. A common form of a Chapter 13 bankruptcy reorganization is to repay a delinquent mortgage in full and discharge all your credit card debt.

If you are unable to pay even a portion of what you owe, you can obtain a bankruptcy discharge of your credit card debt in its entirety. This means you will not have to repay back any of your debt. Typically this type of bankruptcy is known as a Chapter 7. To qualify for a Chapter 7 bankruptcy you must meet income eligibility standards. If you earn less than a certain amount, the bankruptcy laws consider you are unable to meet your ordinary living expenses. And if you can’t pay your everyday ling costs, you can’t pay debt you may have on top of that. So say the bankruptcy laws.

Whatever your financial situation is, bankruptcy discharge of your credit card debt can be an option. And it can be a big benefit, both financially and mentally. With consumer credit card debt in America nearing a trillion dollars according to this NPR story and this CNBC video clip, as well as many other sources reflecting the same, bankruptcy is becoming an increased necessity for many.