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If you are being sued for credit debt, you might want to consider submitting for bankruptcy protection. There are several reasons you should look at doing so. First, bankruptcy is going to become a lot cheaper to file than it will likely be to hire a lawyer to defend you from the credit card company. Secondly, filing a bankruptcy petition provides you with a cooling off period of 60 days meaning all actions against you to collect debt is going to be put on hold during that time period. You can take time to think things through in addition to try to work out a intend to settle the lawsuit. And of program, should you settle the lawsuit upon terms acceptable to you and which you'll fulfill, then you can always write off your bankruptcy petition. Thirdly, You could possibly fully discharge the credit card debt or a number of it in bankruptcy and then slow up the interest rate on the balance. You may also take up to five years to settle the debt depending on your financial conditi
on and the kind of bankruptcy you file. But how would you decide if bankruptcy is right for you personally? Here are some factors to enable you to decide: 1. You live in a situation where your wages can be garnished through judgment creditors. 2. You do not have any disposable income right now and the only way it is possible to make any payments if funds is reached is if you'll be able to reorganize your finances. 3. Your home or rental payments have been in arrears. 4. Your car note is within arrears. 5. Your wages have already been reduced or completely terminated. Either several of the above apply to a person, then most probably bankruptcy is befitting you. Be sure to talk to some bankruptcy lawyer as your particular situation may be different from these general considerations.
Don't allow fear of your debt take over your lifetime. To learn more about how to cope with debt and sued for charge card debt visit us at http: //findingdebtsolutions. com.
View this post on my blog: http://creditcard.valuegov.com/being-sued-for-credit-card-debt-have-you-considered-bankruptcy/
on and the kind of bankruptcy you file. But how would you decide if bankruptcy is right for you personally? Here are some factors to enable you to decide: 1. You live in a situation where your wages can be garnished through judgment creditors. 2. You do not have any disposable income right now and the only way it is possible to make any payments if funds is reached is if you'll be able to reorganize your finances. 3. Your home or rental payments have been in arrears. 4. Your car note is within arrears. 5. Your wages have already been reduced or completely terminated. Either several of the above apply to a person, then most probably bankruptcy is befitting you. Be sure to talk to some bankruptcy lawyer as your particular situation may be different from these general considerations.
Don't allow fear of your debt take over your lifetime. To learn more about how to cope with debt and sued for charge card debt visit us at http: //findingdebtsolutions. com.
View this post on my blog: http://creditcard.valuegov.com/being-sued-for-credit-card-debt-have-you-considered-bankruptcy/
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