CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Is Bankruptcy a Solution for High-Interest Rate Credit Cards?

There are plenty of Americans who are just a few dollars away from making ends meet. If they earned just a little bit more or their credit card payments each month were a little less, it would be enough to give them a cushion so they could save for an emergency. Unfortunately, that little bit more or less never seems to come, and they are left feeling hopeless and desperate for a solution.

The good news is there is a solution.

It’s possible for someone with a moderate income who has assets to use bankruptcy as a means by which to lower their high-interest loans.

When people think of lowering their loans, they often consider contacting credit card companies or refinancing loans. This can help, especially on a month to month basis, but long-term, they’re looking at paying far more than the original amount of the loan. Refinancing often comes with extended terms, which means over the entirety of the loan you’re paying even more than you originally agreed to.

And since many of these people are in somewhat decent financial shape – they aren’t excessively late on payments, they’re getting by, they own assets – they don’t believe bankruptcy is an option for them.

Chapter 13 vs. Chapter 7 Bankruptcy

It’s true: Chapter 7 bankruptcy probably isn’t the right solution in these circumstances. You don’t want to do anything that puts your assets at risk or requires you to start from scratch because you’ve built a respectable financial situation.

However, filing for Chapter 13 bankruptcy could be right for you if you’re struggling.

For starters, Chapter 13 forces creditors to accept the amount of money you can afford to pay. You pay zero interest on your credit cards, which if you haven’t done the math yet, can save you a bundle. Often more than the amount of the original loan!

Chapter 13 bankruptcy creates for you a repayment plan that lasts anywhere from 36 to 60 months. Your income over the course of the last several months determines the length of your repayment, and at the end of that term, any remaining debt is discharged. This means you are no longer legally responsible for paying what you owed, if there is anything still owed at the end of the repayment plan.

Filing for Chapter 13 bankruptcy also allows you to keep your property, so you won’t lose your home or other assets.

To read more about the differences between Chapter 7 and Chapter 13 bankruptcies, check out this article from Experian.

Struggling to Meet Financial Obligations?

This is a solution for those who are struggling to keep up with credit card payments and feel as if the more they pay each month the more they owe. They are stuck in a cycle of high-interest debt that might not ever end, even if they ever manage to make minimum payments due.

So why wait? The longer you postpone filing for Chapter 13 bankruptcy the more money you are throwing away. Chapter 13 will help you get organized and get on the right track to repairing your financial situation.

For more information or to learn more about how Chapter 13 bankruptcy can help you deal with high-interest debt, contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a free consultation.

Tampa Bankruptcy Law Blog

Top Three Bankruptcy Tips

Top Three Bankruptcy Tips

Filing for bankruptcy can be an overwhelming experience. Many people postpone filing to avoid the intimidation and anxiety they assume
Read More
Is there Such a Thing as Bankruptcy School?

Is there Such a Thing as Bankruptcy School?

If you’ve heard anyone talking about bankruptcy and what’s needed to successfully use it to remedy financial problems, you might
Read More
Three Important Things to Know about Bankruptcy and Taxes

Three Important Things to Know about Bankruptcy and Taxes

Bankruptcy offers relief when debts have gotten out of control. Chapter 7 bankruptcy results in a discharge of certain debts, which
Read More
What Happens When You are Sued for a Debt?

What Happens When You are Sued for a Debt?

If you’ve been served with a notice from a creditor that you’re being taken to court over a debt, you
Read More
Why Researching Bankruptcy Online Could Be a Mistake

Why Researching Bankruptcy Online Could Be a Mistake

In this day and age, the first place we turn for information is the internet. It’s convenient, free, and easy,
Read More
Why the Meeting of Creditors is the Scariest Part of Bankruptcy

Why the Meeting of Creditors is the Scariest Part of Bankruptcy

Filing for bankruptcy is a scary experience, but within the entire process from start to finish, the 341 Meeting of
Read More
How Do You Benefit from the Automatic Stay?

How Do You Benefit from the Automatic Stay?

Bankruptcy offers a variety of benefits. One of the most important is the automatic stay. Bankruptcy’s automatic stay stops bill collectors
Read More

The Secret Trick for Making the Most of Bankruptcy Exemptions

When you file for bankruptcy you take a risk. You’re risking that the choice you’re making now will improve your
Read More

Leftover Debt: What You Can Expect to Pay after Bankruptcy

Bankruptcy can free you from financial burdens that have plagued you for years. It can make your life easier and
Read More

Is Chapter 13 Bankruptcy the Best Option for You?

Deciding that bankruptcy is the right solution to help you with your financial struggles is a big commitment. Many people
Read More

Contact Us

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews LEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online    

Office Locations

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405
Maps & Directions


Tampa Law Office Map

Satellite Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: 727-532-3939
Maps & Directions


Map and Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.