Chapter 7 Can Help Those With Credit Card Debt

Chapter 7 Can Help Those With Credit Card Debt

What do Illinois residents do when they do not have the funds they need to pay all of their expenses between paychecks? Many of them are likely to turn to family, friends and banks for assistance, while some choose to utilize the plastic in their wallets instead. Credit cards are often used to cover monthly expenses and other financial obligations. Unfortunately, this has caused numerous people to fall further into debt than they imagined possible. A Chapter 7 bankruptcy filing, if approved, can relieve them of this liability.

Over half of all Americans run out of money between paydays, according to research from ING. What do they do? Well, 28% of them reportedly use their credit cards, as they would rather not ask anyone else for help. Unfortunately, doing this begins a cycle of borrowing, which can be extremely difficult to break.

Those who have balances on their credit cards month after month have a ridiculous amount of interest being added to what they owe. If they only make the minimum payment, they will end up paying double, if not more, for their purchases because of this added interest. When money is not available, this may not seem that bad a deal, as credit card use instantly allows for the paying of expenses; but, long-term credit card use certainly is not the best solution for when money is in short supply.

The weight of credit card debt is something that millions of Americans feel. Illinois residents who are among them may have a way to relieve the pressure and the stress that accompanies carrying significant debt. Chapter 7 bankruptcy allows for the discharging of certain financial obligations, including credit card debt. Those who meet the income requirements to utilize this form of bankruptcy can drastically improve their financial situations if their petitions receive court approval.

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