Being Sued For Credit Card Debt? Have You Considered Bankruptcy?

If you are being sued for credit card debt, you might want to consider filing for bankruptcy protection. There are several reasons you should consider doing so. First, bankruptcy is going to be a lot cheaper to file than it will be to hire a lawyer to defend you against the credit card company. Secondly, filing a bankruptcy petition will give you a cooling off period of 60 days which means all actions against you to collect debt will be put on hold during that period of time.

You can take time to think things through as well as try to work out a plan to settle the lawsuit. And of course, should you settle the lawsuit on terms acceptable to you and which you can fulfill, then you can always dismiss your bankruptcy petition. Thirdly, You might be able to fully discharge the credit card debt or some of it in bankruptcy and then reduce the interest rate on the balance. You can also take up to five years to repay the debt depending on your financial condition and the type of bankruptcy you file.

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But how do you decide if bankruptcy is right for you? Here are some factors to help you to decide:

1. You live in a state where your wages can be garnished by judgment creditors.

2. You do not have any disposable income at the moment and the only way you will be able to make any payments if a settlement is reached is if you are able to reorganize your finances.

3. Your home or rental payments are in arrears.

4. Your car note is in arrears.

5. Your wages have been reduced or completely terminated.

Either two or more of the above apply to you, then most probably bankruptcy is right for you. Be sure to talk to a bankruptcy lawyer as your particular situation might be different from these general considerations.

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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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