Most Americans carry some amount of credit card debt at any given time. However, some Florida families may find that their credit card debt is getting to be unmanageable and they need help dealing with that debt. While different solutions may work for different families, it is important for all Florida families to understand that there may be a variety of options for dealing with credit card debt, regardless of how unmanageable it may become.
Chapter 7 bankruptcy may be the best option for those who have found that credit card debt and other debt has completely paralyzed their finances overall. If approved for Chapter 7 bankruptcy, the credit card debt can be discharged. This essentially means it can be wiped out and credit card companies accept that the person filing bankruptcy is not responsible for paying that debt back.
Another option that may work for families is Chapter 13 bankruptcy. This particular type of bankruptcy will result in having to pay back a certain percentage of the credit card debt that has accumulated. That amount can be a small percentage and will typically be part of a payment plan that includes repayment of other types of debt also. The monthly payment will be set at an amount that is determined to be manageable based on the individual situation.
The amount of credit card debt a Florida family has is only part of the picture when it comes to deciding the best way to deal with that debt. Other factors that may influence the best way to handle the debt is the financial outlook and whether or not the financial hardship is temporary or the result of a permanent financial situation. Our firm has more information about bankruptcy options and how best to deal with credit card debt overall.