Most people in America have at least one credit card. Many people have multiple credit cards. Credit cards can be a useful financial tool in some situations, such as covering emergency and unexpected expenses when short on cash. However, they can be a source of a significant problem that continues to build in this country in many forms: unpaid debt.
Escondido residents who are dealing with credit card debt know that this can be an issue that hangs over all other financial matters for the household. And, if too much debt is accumulated, individuals and families can find themselves facing financial hardships that were unforeseen just a few years prior. Some people will attempt to hide from these financial challenges, hoping that some unexpected windfall will change their luck. Others, however, choose to face their financial problems. One way of doing so is filing for bankruptcy.
Bankruptcy can address many different types of debt, but for most people, particularly those who are pursuing Chapter 7 bankruptcy, credit card debt is the main debt to tackle. Escondido residents who find themselves pursuing a bankruptcy filing may simply be lacking the income to repay the debt they have accumulated. Or, they may be facing a sudden and drastic change in financial circumstances, perhaps due to the loss of a job or an unexpected medical condition. Whatever the reason, filing for bankruptcy may be an option that can help.
At our law firm we attempt to help Escondido residents who want to face their credit card debt issues head on. For more information, please visit the credit card debt overview section of our website.