Debt Relief Legal Help in Show Low From an Experienced Lawyer
Credit card debt occupies a unique spot in many consumers' debt load. Credit card debt is often unusually high both in sum and in its interest rate, and credit card companies are usually free to levy numerous penalties and to raise rates even further.
Fortunately, credit card debt has a positive attribute as well — it is unsecured. And unsecured debt can be discharged in part or in full through Chapter 7 and Chapter 13 bankruptcy.
How Bankruptcy Can Lessen Your Credit Card Debt Load
Both Chapter 7 and Chapter 13 bankruptcy can be used to discharge credit card debt. They work like this:
- Under Chapter 7 bankruptcy, unsecured property is sold and the money gained from the sale is used to pay off debts, usually at a fraction of their original value. Retirement accounts, a home, a vehicle and household items are usually retained under Chapter 7.
- Under Chapter 13 bankruptcy, debt is restructured for three to five years under a plan approved by the court. No property is sold and debt is declared "paid" at the end of the plan.
Often, credit card debt builds along with medical bills, tax debt and other debt such as student loans. Taxes and student loans are often untouchable or partially untouchable by bankruptcy. For this reason, credit card debt is frequently a good place to start when lessening debt.
For more information regarding credit card debt relief in Show Low, contact an experienced bankruptcy attorney at The Roll Law Office, PLLC.
Contact a Credit Card Debt Relief Attorney in Show Low
To learn more about how The Roll Law Office, PLLC, can help you get a financial fresh start, please contact us today to set up a free consultation. We operate an office in Show Low and serve the entire Show Low area, including the White Mountains, Pine Top-Lakeside, Heber, St. Johns, Springerville and Eagar. We can be reached at 866-603-1533 or 602-652-2403.
