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Credit Card Bankruptcy A Good Fit
Credit card bankruptcy is not simple, but it did seem simple to just swipe that credit card. Easy to pay for something you want or need without having to actually have the money. It seems that more and more people are doing that these days. With the economy not doing so well, job layoffs and shortage of jobs, a person can find that at the end of the month there are still bills not paid. Credit cards are a luxury that sometimes you find you cannot afford anymore. Once a person finds themselves in that situation, they can find some solution in filing for credit card bankruptcy.
While filing for bankruptcy is a legal procedure, you would need to get the proper attorney to help you during your journey. The attorney could assist you with the steps needed and help you provide the correct information to the courts. But with any bankruptcy filing there are simple steps that are available for you to know.
To qualify, you have to meet the requirement of a means test. The test determines that your last six months of income is below your state median. This is where an attorney can really help you figure out what your exact situation is financially.
If you file for credit card bankruptcy, you have to give up any non exempt assets. This would include jewelry, valuable collections or a second home. This would have to be provided so it could be sold to help creditors recoup some of the money owed to them.
Once you have petitioned the court to file bankruptcy, you can eliminate creditors from contacting you. It takes around six months for the legal process to be completed and then an order will be issued by the court for discharging all eligible debts.
Filing for credit card bankruptcy meant that you will no longer owe the creditors any money. This is the upside. The unfortunate downside is that bankruptcy is reported on your credit report for ten years. This can make the future of getting credit difficult for you. Some jobs will also look at your credit report as a decision to hire.
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