The feeling of accumulating debt is often equated with the feeling of drowning. Credit card bills can give people that same feeling as interest rates, late fees and the balance that never seems to decrease causes fear and stress for Florida families. For families who cannot get out from under credit card bills on their own, there are options that may help families regain control and avoid any further detriment to credit scores.
One option for those drowning in credit card bills is to file Chapter 7 bankruptcy. Under this form of bankruptcy, credit card debt can be discharged. This essentially means the debt is wiped out, and you will not have to keep making payments that seem to not even make a dent in the balance.
Not everyone qualifies for Chapter 7 bankruptcy. For those individuals and those who may simply need more time to catch up on debt, Chapter 13 may be the best option. This kind of bankruptcy is typically thought of as a repayment plan that consolidates your debt. Monthly payments that are manageable and actually make a real impact on the overall amount of debt are set up and approved, meaning you can start making headway and regaining financial control.
The amount of credit card bills and the long-term financial outlook of a Florida family may play a significant role in which form of bankruptcy is deemed best. Because debt is handled differently by the type of bankruptcy, knowing the differences is vital before making any concrete decisions. Our firm has more information online about which type may suit the needs of Florida families and the impact filing will have on credit card bills in particular.