Reducing Or Discharging Your Credit Card Debt Is Possible
When you are low on cash or need to pay a large medical bill, it is too easy to reach for a credit card. Every year, a growing number of people face crippling credit card debt. From late fees to high interest rates on your remaining balance, it can feel impossible to get out from under the weight of credit card debt.
Fortunately, you have options when it comes to your credit card debt. At William H. Lively, Jr. WHL, PLLC, we believe that everyone deserves a fresh start. We help our clients get out of debt so that they can look toward the future. Assisting clients in Tyler and the surrounding counties, we understand your situation and want to help.
Helping You Create A Plan To Get Out Of Debt
When you cannot pay your credit card bills, the creditor often will submit your account to a debt collector or file legal action. Aside from the annoying phone calls, having an account in debt collection takes a significant toll on your credit score and ability to obtain future loans. However, there are options to reduce or discharge your debt entirely.
When you work with us at William H. Lively, Jr. WHL, PLLC, we will sit down with you and evaluate your case and fully explain your options. Whether you choose to file for Chapter 7 or 13 bankruptcy, you can count on us to be by your side.
Chapter 7 Bankruptcy
For people with massive amounts of credit card debt, Chapter 7 bankruptcy is a great option that provides sweeping relief. It is also generally less expensive and shorter in duration than Chapter 13 bankruptcy. To qualify for Chapter 7, you must pass a means test. This means test is based upon an examination of your monthly income and expenses among other factors.
Chapter 7 can eliminate your credit card debt, old utility bills, medical bills, amounts owed on repossessed vehicles and uninsured car accident judgments, among other debts. Chapter 7 will not eliminate debts such as child and spousal support and student loans. We will help you determine if you qualify for Chapter 7 and will be by your side throughout the process. If you don’t qualify for Chapter 7 bankruptcy, you may still be eligible for Chapter 13.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows you to make regular payments to your creditors within three to five years. In some situations, you may even be able to discharge some or all of your unsecured debt, including credit cards. How much of your credit card debt you will pay depends on your nonexempt property and disposable income. While you may have to pay back some of your debt in Chapter 13 bankruptcy, it is a good option for clients who do not qualify for Chapter 7.
The First Step Toward Your Fresh Start
We understand the stress that debt can bring to your life, and we want to help you pursue a fresh start. Our founding attorney, Bill Lively, has years of experience helping individuals, business owners and families get out of debt. Call 903-920-0008 or fill out our online contact form today to schedule a free consultation.