Credit cards can mean trouble for most Americans. Some interesting statistics have come out of a survey conducted by the Federal Reserve Bank in Boston. The study showed that the average credit card holder has 3.5 cards and the average household has $15,788 in credit card debt. It’s no wonder that millions of families are frantically searching for a solution to their credit card debt.
Can Missouri or Illinois Bankruptcy help you? A Missouri or Illinois Chapter 7 may eliminate your credit card debt. How? Credit card debt is typically considered unsecured, meaning it isn’t tied to any property or possession, like a car loan is secured against a car. In a typical Chapter 7 bankruptcy case, the result of the bankruptcy is to eliminate your unsecured debts.
However, if you are intending to charge everything to your credit cards just before filing Chapter 7 bankruptcy in Missouri or Illinois, you may want to think again. If a creditor thinks that you’ve used a credit card without the intent to repay it, the creditor can challenge your attempt to eliminate that particular debt by saying your actions amounted to fraud. If the creditor succeeds, you may have to repay that credit card debt in full, at the very least.
Can you imagine completing the Chapter 7 bankruptcy process, having the bankruptcy case appear on your credit report, but not getting a fresh start at the end of your journey?
As you can see, having an experienced and qualified St. Louis bankruptcy attorneyto guide you through the bankruptcy process is essential. There are many pitfalls that could cost you your case if you aren’t careful. Keeping you from making a mistake like charging up a credit card before filing is a great bankruptcy lawyer’s job.
Still wondering, “Should I file Chapter 7 bankruptcy?” What if you need more than just a solution to credit card debt? You may be surprised to find out everything that a Chapter 7 in Missouri or Illinois has to offer you. Request a free copy of my Illinois and Missouri bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” to learn more. Many people who are in debt or financial trouble think that they should not declare bankruptcy because of what it would do to their credit score. However, The Consumer Federation of America found in a study that only one out of three Americans even understood what their credit score meant and how it is effected by their financial decisions.
Credit scores, also known as FICO scores, range from 300 to 900 - and a higher score is better. Most people have a credit score in the 600s and 700s, and anything under a 500 is considered low or poor. While a high credit score can get you low loan and mortgage rates, it can also make you an ideal renter and a good job candidate. In general, a high credit score can make it easier for you to buy a home, a car, or a new business.
Your credit score can be damaged by late payments, unwise financial decisions, and debt. Specifically, infrequent payments, exceeding your limit, or not having any credit can lower your credit rating. Although bankruptcy will damage your credit score for at least a few years, the vast majority of people who are thinking about declaring bankruptcy already have very poor credit scores.
After declaring bankruptcy, you can immediately begin to repair your credit score through on time payments, taking out small, smart loans, and making wise financial decisions.
Castle Law helps honest, hard working families obtain the debt relief they need through a Chapter 7 or Chapter 13 Bankruptcy in Missouri and Illinois. We have helped over 30,000 clients deal with debt and financial difficulties such as stopping foreclosures, repossessions and wage garnishments by seeking federal bankruptcy relief over the past 16 years. At Castle Law Office, we fight for your right to relief. Call today at 314-344-0800.
Do you know how filing Chapter 7 bankruptcy can help improve your financial situation? You have probably heard many myths about bankruptcy, such as "you will lose everything." That is definitely not the case as long as you retain the services of an experienced bankruptcy attorney.
Are you worried you will lose the home or vehicle you've worked so hard for because of foreclosure or repossession? A chapter 13 may just be the answer you are looking for to help you quickly save your home or vehicle from being taken.
Millions of Americans continue to lose their homes due to foreclosure. If your family is facing foreclosure in St. Louis and risks living on the street, contact our Missouri bankruptcy law firm today. We can help!
Struggling to pay credit card bills? Not answering the phone because you're tired of hearing from bill collectors? Need options? Contact St. Louis attorney Jim Brown to learn how filing Chapter 7 bankruptcy in Missouri may be able to help. We can stop the harassing phone calls from creditors today.
Unexpected medical bills can ruin your financial future. If you’ve been suffering under the stress of medical debt, there are options for relief that can keep your family at home without losing everything. Our St. Louis bankruptcy law firm has helped numerous people get rid of debt from medical bills.
Have your hours been cut back because business has been slow or, even worse, have you lost your job? Don’t know how you’re going to pay your bills? Keep a roof over your head? We can help you get your life back. Contact a St. Louis job loss lawyer at Castle Law Office today to learn how filing bankruptcy can help you after loss of employment.
If you haven’t been able to make car payments due to financial reasons beyond your control, we can stop the Repo Man and help you keep your car. Call us today for a free consultation.
Wage garnishment can make tough times even worse. If you are being affected by garnishments and cannot provide for your family, call us today. We can show you how to get your life back on track.
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