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Do you need a fresh start?

Sometimes, it is difficult to see it coming. It happens gradually, in small increments. By the time you realize that it is a problem, it has become more than you can handle and you do not know what to do. Debt. Especially credit card debt and especially if you have more than one credit card.

Remember, credit card companies know this. They want you to charge more than you can pay, and carry a balance. Forever. This is how they make most of their profits. If you were told upfront that, you would have $50,000 in credit card debt and you might never be able to pay it off, you might never accept their offer of a card.

If you have been in school, starting a family, you are probably very busy, and in a world of instant gratification and everything else, you may not fully realize the size of your problem. In the same manner that setting of credit card interest rates and card fees is a business decision, your decision to file for bankruptcy protection should be a carefully considered business decision. 

Sitting down and discussing your finances with a bankruptcy attorney is a good way to start to get a fresh start. You need to look at your income and your debt. You need to calculate how much income you need for your housing expense, for transportation and food. What you have left over after your necessary expenses is what you can devote to other expenses.

While student loan debts are generally difficult to discharge in a bankruptcy, if you have high levels of credit card debt, you may be able to eliminate much of that debt, which could allow you to better be able to pay down your student loans.

A bankruptcy attorney can help you decide whether Chapter 7 or Chapter 13 would provide the most help, and he can assist your filing.

Source: The Huffington Post, "I Want to File Bankruptcy," Steve Rhode, May 25, 2013

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