Credit Card Debt & Other Causes of Bankruptcy

Bankruptcy Attorney Serving Charlotte, Mecklenburg County & All of North Carolina

Credit card debt can snowball out of control in the blink of an eye. Missing even a single payment can lead to a situation where your debt starts growing beyond what you can realistically handle. When interest starts piling up, there is very little you can do to stop it on your own. Credit cards do not come with a "how-to" manual. In many ways, they are designed to lead to impossible debt. You may have been threatened with lawsuits - or actually had one filed against you. Your credit score may be suffering. At this point, bankruptcy may be the best solution.

Blossom Law PLLC is committed to helping people who have become buried in credit card debt. Being in this situation does not mean that you are irresponsible or have failed in any way. Millions upon millions of people file bankruptcy related to credit card debt every year, often after a single financial setback like a job loss or unexpected medical expense. With our help, you can achieve freedom from your credit card debt.

How Credit Card Debt Can Lead to Bankruptcy Quickly

Almost every adult in America uses a credit card of some type. Having one is necessary for most people. Interest rates are typically somewhere between 10 and 30 percent. Even if you are perfectly responsible and make the minimum payment every month without fail, that interest is going to start adding up.

Even if you only charge a few thousand dollars to the card and consistently make payments, it could take several decades to pay off that debt. In that time, you are likely to have other financial needs arise. Before you know it, a few thousand in debt has turned into tens of thousands that you have little chance of ever paying off. There is little most people can do to avoid this. It is easy to see why credit card debt is a leading reason people file for bankruptcy.

Attorneys Finding Bankruptcy Solutions to Credit Card Debt in Mecklenburg County

The good news is that you have options for filing for bankruptcy. Blossom Law PLLC will help you choose the type of bankruptcy that is right for you. Generally, your options are Chapter 7 or Chapter 13 bankruptcy.

Chapter 7 is probably what you think of when you hear the term "bankruptcy." It means that the court will appoint a trustee to help liquidate (sell off) your personal assets in order to pay back your creditors as much as possible. Do not worry - some assets are exempt from liquidation, like your car. Even if you do not own anything worth liquidating, Chapter 7 may still be an option.

In Chapter 13 bankruptcy, we are just helping you restructure your debt. Nothing gets liquidated, but you will still have to keep making payments that roughly equal your disposable income. Your total amount of debt is likely to decrease. Most payment plans only run for five years or less, allowing you to move on to your life after bankruptcy relatively quickly.

There are a few options other than bankruptcy for dealing with insurmountable credit card debt that we will discuss with you as well. In some cases, negotiating a repayment plan with the credit card company can be effective.

Contact a North Carolina Credit Card Debt Attorney

If your credit card debt is holding you back, Blossom Law PLLC may be able to help you get a clean slate through bankruptcy or by other means. We understand how quickly credit card debt can overwhelm you, and we are committed to financially rescuing people in this situation. Contact us online or call 704-256-7766 for a free consultation.