Credit card debt piling up? Facing repossession? Call New Jersey bankruptcy attorney Michael Sidons for a consultation to see if bankruptcy is right for you. Whether you are facing mountains of credit card debt, a repossession, or both, you still have rights under the law. Attorney Michael A. Siddons can help stop the harassment from creditors while assisting you in eliminating your debt.
Credit card debt is often cited as a primary reason for overwhelming financial distress. It may be making it difficult or even impossible for you to pay your monthly financial obligations. Mounting credit card bills can pile up, choking off cash supplies, and eventually leading to bankruptcy. How to get out of debt? Our experience in bankruptcy cases and credit card debt can help you make decisions to solve your debt crisis.
Most people do not begin using credit cards because they do not plan to overspend, nor do they purposely want to accumulate mountains of debt. Unfortunately, the alluring initial offer of zero interest credit cards comes with many draw backs. After the zero interest period ends, often times in as little as six months, rates can skyrocket to levels that prevent most people from paying off their debts in a reasonable amount of time.
Many credit card companies in New Jersey even tack on huge fees for late payments or penalties for going over the card’s limit. Sometimes, the interest alone is enough to push the debt amount over the limit, resulting in extra fees, penalties, and compounded interest. The final result being overwhelming debt forcing card holders into bankruptcy.
Under both Chapter 7 and Chapter 13 bankruptcy filings, credit card debt is dischargeable. As unsecured debts, credit cards suffer from the least protections under the law. This means that credit card companies cannot take away your home or other personal possessions and assets to repay debt.
Under Chapter 7 bankruptcy filings, credit card debt is completely discharged, and thus is wiped clean in most cases. This not only gives you a clean slate, but also offers you the breathing room to get your life back on track, as filing for bankruptcy were originally designed to do.
For those filing Chapter 13 bankruptcy, the unsecured debt of credit cards falls last in line. This means that, under your settlement, credit card companies in New Jersey will be the last to receive any repayment. Being at the end of the line results in little to no debt being paid, and oftentimes, the debt is discharged completely. Contact us today for more information on filing bankruptcy to avoid repossession in New Jersey.
Call Attorney Michael Siddons for help at (610) 255-7500 in PA, (609) 285-3999 in NJ or (410) 705-0970 in MD, he will personally review your case and help you make the right decision for your particular situation.
How to avoid repossession? Knowing your rights and options is critical when it comes to your automobile. Whether you own a car or a truck, being behind on your payments or missing a payment means you must act quickly. Automobile repossession can have serious consequences. Once repossessed, your vehicle is often times sold very quickly making it difficult, if not impossible to recover.
If you are one or more payments behind on your auto loan, being harassed by a repossession agent or repo man, or if you have already lost your car, please call the Law Office of Michael Alan Siddons, Esquire immediately for advice. Hire an attorney in New Jersey for help with credit problems today.