Credit card companies make getting a credit card as easy as filling out a slip of paper at a baseball game. But getting rid of your credit card debt can be a more complex process.
Bankruptcy is designed to be a secure means of debt relief for people in true need. But there are several options under the bankruptcy umbrellas, and each functions in a slightly different way.
Bankruptcy processes are legally protected by United States law. However, one type of bankruptcy may be better for you than another. For many people, the first step is learning about the different bankruptcy chapters.
Chapter 7 bankruptcy is designed to quickly eliminate all of your credit card debt. Only unsecured debt may be included in this filing, so if you are struggling with mortgage debt or car loans, this may not be a good fit.
Unsecured debt includes credit card, medical and utility bills, as well as personal and payday loans. Chapter 7 cases may last only a few months, which means that you may be back on your feet quickly.
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