Credit card debt has become a hot debate in the US. More than 50 percent users have not paid their Credit card bills and are down in debt. They have been looking for debt relief without any success. There are many solution providers in the fray and are trying to make profits from the debtors. Many of these so called debt solution providers are scams. Thus the beleaguered Credit card users are battling debt as well as scams.
Bankruptcy is one sure fix solution for debt relief. However it is easier said than done. On papers and in theory bankruptcy is a very good solution to your debt. However when put in practice it poses many problems and is not a bunch of roses. Bankruptcy is a procedure laid down by the government to help the people in financial trouble. Most people think that all types of debt can be cleared by bankruptcy but this thought process is deeply flawed. Bankruptcy has a very elaborate set of rules. The proceeding commence with the debtor undergoing counseling. During the counseling it will be established if you are eligible for bankruptcy.
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You need to hire a lawyer for your debt case to help in filing bankruptcy. The other major issue is not all types of debt can be discharged by filing bankruptcy. If you have maxed out all your Credit cards and think of never paying the debt back, bankruptcy is not going to help you. Debts acquired by fraud can not be discharged by bankruptcy. Your home also may not be always protected. Only some states offer homestead protection. If you live in a state where no homestead protection is provided your home too can be lost in bankruptcy proceedings.
Therefore go in for a debt settlement instead. You can legally eliminate your debt without paying it back.
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Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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