Palmdale Credit Card Debt Lawyers
Individuals from all financial backgrounds use credit cards, with some having multiple cards to pay for both everyday and big ticket items. Unfortunately, when you fail to make payments or do not pay in full, the consequences can be severe. Late fees and interest apply, adding to the balance that you are already struggling to pay. Plus, you will soon start receiving harassing phone calls and letters from creditors, compounding your stress.
Your situation may seem grim, but you do have options to address credit card debt. Bankruptcy may be appropriate, and there could be other opportunities to leverage. Our lawyers at Wadhwani & Shanfeld can advise you and help you make informed decisions, as we have extensive experience representing people in your position. Please contact our firm to set up a consultation with a Palmdale credit card debt lawyer who will review your details. A legal summary is also helpful for understanding your options.
Bankruptcy for Credit Card Debt
Bankruptcy may not be for everyone, but it may be suitable in some situations. Credit cards represent a specific type of debt, which is unsecured because there are no assets as collateral. It is possible to resolve credit card debt through:
- Chapter 7 bankruptcy discharge, in which you may eliminate the amounts due; and,
- Chapter 13, a debt reorganization process that allows you to repay credit cards according to an established plan.
With both types of bankruptcy, you can take advantage of the automatic stay immediately upon filing. Creditors must cease all efforts to collect, including phone calls and other forms of harassment.
Options Through Debt Settlement
If bankruptcy is not right for you, there may be other opportunities to resolve credit card debt in a favorable way. Debt settlement is an effective strategy that is especially useful for credit cards, because creditors always see a lurking threat that you could file bankruptcy. They would receive nothing after discharge, so getting some payment cuts the losses.
You can use this notion as leverage and gain an advantage when negotiating debt settlement. It may be possible to reduce the amount that you owe, possibly paying it off in a lower lump sum.
Legal Support with Debt Solutions
With a variety of options available, it can be difficult to determine the best route for dealing with credit cards. At Wadhwani & Shanfeld, we make it a priority to help you understand how these solutions affect your life. Our Southern California credit card debt lawyers will:
- Explain Chapter 7 and Chapter 13, along with pros and cons;
- Assist with filing your bankruptcy petition;
- Handle court appearances; and,
- Attend the final hearing to finalize the bankruptcy process.
A Palmdale Credit Card Debt Lawyer Will Assist with Options
If you are struggling to pay your credit card bills, it is essential to take action right away. To learn more about bankruptcy and debt settlement, please contact Wadhwani & Shanfeld. We can schedule a consultation with a Southern California credit card debt lawyer. After learning more about your circumstances, we can discuss options and get started on strategy.