If you have gotten yourself into credit card debt issues, you may consider the option of declaring yourself bankrupt.
They are a few reasons why you may want to do so.
One of the reasons is that it will be cheaper for you to hire a lawyer to file for bankruptcy than to get one to help you fight against the credit card companies.
At the same time you are given a period of 60 days whereby your debt will be put on hold and that credit card companies cannot collect money from you during that time.
Another reason is that you may be able to completely get rid off your credit card debts or at least some first if you file for bankruptcy.
Depending on what kind of bankruptcy you declare, you may be eligible to take up to five years to pay back your debt.
But just how do you know if bankruptcy is the right option for you? If you are considering bankruptcy, here are some factors you can look into: First, if your home mortgage payments are in the arrears.
Second, if you have lost a job or your pay has been cut.
Third, you are behind all your loan payments.
Fourth, you do not have any disposable income.
If you have more than two of the above scenarios, considering bankruptcy may not be a bad option for you.
However, you should speak to a bankruptcy lawyer to further discuss your particular case.
As the consequences of declaring bankruptcy can be quite unpleasant, it is not a light decision to make.
You should work out all possibilities of settling your financial situation before you consider the bankruptcy route.