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Can Chapter 7 give me relief from credit card debt?

If life is like a book, these past few years have been a real page-turner for many people, especially those struggling with debt. And the villain, for many, is the credit card.

If you read our last blog on credit card debt and the CARD Act, you know that US financial law now has stronger provisions to protect consumers from unscrupulous credit card companies. Despite these protections, many Massachusetts residents still find themselves overwhelmed by credit card debt. For some, the answer may be Chapter 7 bankruptcy.

Chapter 7 offers consumers a way to discharge their personal debt, such as credit card bills, by liquidating some of their assets. As part of bankruptcy proceedings, filers are required to complete credit counseling, prepare a debt repayment plan, and document their assets and liabilities in great detail. While time-consuming for some, many filers find that these requirements are actually beneficial because they bring organization and clarity to what had been a chaotic financial situation.

Another benefit of Chapter 7 is that many filers are able to emerge from bankruptcy proceedings without losing their most important assets - like their homes and automobiles. Thus, it is possible for you to get relief from credit card and other personal debt without losing the roof over your head or your means of getting to and from work.

For years, the Law Offices of Kenneth E. Lindauer have been helping the people of Massachusetts achieve debt relief. Our clients normally come to us at low points in their lives. Their debt is out of control and they feel helpless. We listen to them, provide an honest assessment of their financial situation and carefully lay out their best options for improving it. For many, Chapter 7 bankruptcy is the key to a fresh start in life.

Your life has many chapters. Think of Chapter 7 as part of the beginning, not the end.

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