Credit Card Debt Gets Out of Control Rapidly
More Americans than ever are relying on their credit cards for necessities. One of the largest credit card companies in the U.S. reported in 2011 that a third of all its credit card purchases are for groceries and gas.
If you have been living off of your credit cards for monthly expenses, the debt may be unmanageable. Add late fees and increased annual percentage rates, and the debt multiplies quickly. At Faletti Law Office, P.C., we help people in Colorado who are struggling with credit card debt and other financial problems. Talk to us today about how bankruptcy may get your debt under control. For a free consultation with a Denver credit card bankruptcy attorney, please call (303) 438-8477 or contact us online.
Your Credit Card Debt May Be Discharged
Credit card debt is unsecured debt, meaning that there is no tangible collateral to secure the amount owed. There is nothing for the creditor to repossess. Under Chapter 7 bankruptcy, unsecured debt is typically discharged (eliminated). If you file for Chapter 13 bankruptcy, you may or may not make payments on your credit card debt for three to five years as part of your repayment plan. We will review your individual finances and discuss which chapter of bankruptcy is best for you.
Credit card debt is usually dischargeable under Chapter 7 unless the following have occurred:
- You obtained the credit card by fraud
- You took a large cash advance on the card within 90 days of filing for bankruptcy
- You made a significant increase in purchases on the card shortly before filing
Our lawyer will review your credit card statements and other finances before advising you on a debt relief strategy.
Reduce Your Credit Card Debt, Contact An Arvada Attorney
To schedule a free consultation, with Harold Faletti Law Office call (303) 438-8477.