If you have found yourself in credit card debt, you may be struggling to make ends meet. Thousands of individuals in New York and New Jersey have credit card debt. The usual advice to get out of debt is to go through your monthly expenses to see that you can cut down. Many debt counseling companies will tell individuals with high debt, that they should pay their highest accounts off first. Once the high balance cards are paid off, they can start paying the lower ones. Individuals who have no money to pay for their credit card debts, can’t play by these rules. So how are people who have no disposable income supposed to pay off their credit card debt?
File Bankruptcy In New Jersey and New York
If you have no money and don’t see any hope of gaining employment in the near future, bankruptcy can be a great tool to help you. A chapter 7 bankruptcy can discharge your credit card debt.
Many individuals who read up on filing bankruptcy, assume the worst. Individuals read a lot of false information online about filing bankruptcy. If you do a quick google search you may find articles suggesting that people who file bankruptcy will never get credit again and their credit will be ruined forever. This is false. Most individuals who file chapter 7 bankruptcy get credit cards as soon as they get their bankruptcy discharge. Moreover, most individuals can keep their property and still file bankruptcy.
If you decide that filing bankruptcy is the right decision for you, then you will need to pass a means test. A means test determines if you are eligible for a chapter 7 bankruptcy. The Means Test in New York and New Jersey compares you monthly household income and household size against New York or New Jersey median income (depending on which state you live in). If you don’t qualify under the means test you will have to file a chapter 13 bankruptcy. A chapter 13 bankruptcy, allows you to repay your debts over a 3-5 year plan.
If you file bankruptcy in New Jersey or New York, you can eliminate your unsecured debt. Credit cards are considered unsecured debt. If you file a chapter 7 bankruptcy you can elim
inate all of your credit card debt and start over. Bankruptcy can allow you to wipe out your debt and begin starting a new life. For people who have no money, bankruptcy is a great tool to start over.
If you have no money and want to get out of credit card debt, you can contact Karra L. Kingston Esq. Karra L. Kingston Esq. has helped people in New Jersey, Staten Island, New York and all five borbough file bankruptcy and start their lives over. Bankruptcy is a great tool for low income individuals to get out of debt. Call today for a free consultation.