Charge it! That seems to be what many Illinois residents do when buying things they do or do not need. Some put expenses on credit cards in order to take advantage of the card benefits — such as cash back or travel points, — while others do it simply because they lack the funds to pay any other way. In either case, credit card debt can quickly add up to the point where it seems impossible to pay it back.

If you have found yourself with a massive amount of credit card debt, you may be wondering what you can do to get on top of it. You’ve tried budgeting, but at the end of the month their just isn’t enough money to meet your obligation. What else can you do?

It may be possible to negotiate an affordable payment plan directly with creditors or ask to have some of the debt written off, but as these companies earn money by charging interest on balances some may not be willing to do either of those things. This is where bankruptcy may be the answer. There are two types of personal bankruptcy: Chapter 13 and Chapter 7. If approved, one can result in you achieving an affordable payment schedule and the other can result in the immediate discharge of debt. Either type can provide you with financial relief and help you move forward.

Bankruptcy is often used to deal with credit card debt. There is no shame in taking such a big step. Sometimes it really is the best option. If you are up to your ears in credit card debt, an Illinois bankruptcy attorney can help you decide if it is the best option for you. To learn more, please visit our firm’s website.