If you are struggling to make the minimum payments on your credit cards, the thought of filing for bankruptcy has probably crossed your mind. Whether it is in your best interest to file for bankruptcy depends on:
- Whether you can afford to ever pay back your debt;
- Whether you are being sued by creditors;
- Whether you are facing wage garnishment, and;
- The amount of nonexempt property you own.
There are additional signs you should file for bankruptcy. In certain cases, you may be able to negotiate with the credit card company and settle your debt for less than the total amount. You can also request a lower interest rate on your credit cards.
If you have stopped making payments on your credit cards, you will likely begin receiving numerous calls from collection companies. The more delinquent you are, the more frequent and harassing the calls will become. For many people, the constant calling is enough to consider bankruptcy protection and relief.
If you are struggling to pay your credit card debt, know your rights and what debt collectors can and cannot do. The Fair Debt Collections Practices Act (FDCPA) limits the tactics that debt collectors can take to collect on a debt.
Not making payments on your credit cards can result in a lawsuit being filed against you. If the credit card company obtains a judgment against you in court, your wages could be garnished. If you are facing a lawsuit due to your outstanding debt, it is time to consider the consumer protections under bankruptcy law.
If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.