One of the most misunderstood issues today is credit card bankruptcy. Obviously this will depend on what state you live in, but many families believe they can simply add all their credit card debt to a bankruptcy and solve the problem. However, that's not the case and if you don't understand everything upfront, it could end up hurting your family more in the long run.
Did you know that you don't control what goes into the credit card bankruptcy? It's true and just because you have this kind of debt, doesn't mean you get a free pass for all of it. What happens is the court will actually decide what and what is not going to be taken care of during your proceedings. You may even walk into the hearing thinking you're about to file a Chapter 13, but the court may deny that request. In fact, with the new bankruptcy laws in place, the court may actually deny your request to even file, depending on the specifics of your particular financial situation.
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This is just one of the many reasons why it's important to know the credit card bankruptcy laws before you go to court. Did you know that some of the credit card debt may not be discharged due to purchases? Granted, this depends on the state you live in and their laws, but if your intention is to get rid of it all, you have to figure out what will be considered.
You see couples try to do this all the time when they're getting divorced. Instead of splitting up the bills accordingly, they take the credit card bankruptcy way out and it diminishes their credit for basically the next decade. Even when the divorce is over, you're still relying on the other person to pay the bills efficiently. If not, it could end up hurting your credit if the creditors don't get their money.
The truth of the matter is you should think about whether or not credit card bankruptcy is your best option. Sometimes with a little help you can keep from going down this road and hurting your future before you even get there. It's one of the biggest reasons why you "NEED" to know about these laws and how they can work in your favor. We definitely recommend getting all your ducks in a row before taking the next step.
Listen, if you don't know what's going on and you head to a credit card bankruptcy court, you're going to be nervous. The unknown factor is always a menace and could throw your life in a financial tailspin if you're not informed about how things work. So investigate all the avenues and figure out the best scenario for you. Who knows, you may not need to file for bankruptcy at all. However, if you do, at least you know what to expect.
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