At least twice a week I get a phone call that asks the question “How much do I have to owe to qualify for bankruptcy”.  It’s a fair question, but not the right one.  The real question is about your ability to pay.  If you are unemployed, even a minimal payment can lead to ruin.  Sometimes, even if you can make the minimum credit card payment, you may be better off filing bankruptcy.

 I recently received a discharge notice for Miguel C. that caught my eye.  His was an especially rewarding case.  He had been a law enforcement officer for ten years and had partial ownership in a business.  He earned over 80k a year but had over 50k in credit card debt and a growing family, that made meeting his monthly obligations impossible.

Use our debt calculator and learn the sobering truth of how long it will take you to pay off your credit cards if all you can do is pay the minimum.  As you move through life, the debt begins to weigh you down, keeps you from sleeping and starts to affect your family life and work and prevents you from getting ahead.  We can help!

How to tell if your credit card debt is out of control

If you can you answer yes to two or more of the following questions you may have a real problem.

• Have you maxed out more than one credit card?
• You don’t know how much debt you have?
• Are you flipping debt from one credit card to another?
• Do you leave your monthly credit card statement unopened?
• Are you struggling to pay the minimums on your credit cards trying to preserve an inflated credit score, hoping for better days ahead?

If you answered yes to two or more of these questions, you should talk to one of our experienced bankruptcy attorneys.   The best way is to set up a free no obligation consultation by calling us at 305-663-3281.  What is more important your family or your American Express?

Credit cards post-bankruptcy

One of the common myths regarding bankruptcy is that you won’t get new credit.  Not true!  In fact, many of our clients get credit card offers within 3 months of their bankruptcy discharge.  True, these are small $500 limit cards with ugly interest rates, but they may be the key to rebuilding your credit.  Post-bankruptcy discharge, all your unsecured debts are wiped out.  Unburdened by existing debt, and with your current income, you actually become a fairly attractive candidate for new lenders.  Use these new cards responsibly (PAY THE TOTAL BALANCE EVERY MONTH) - they can be the key to reestablishing your credit history and getting a 700+ credit score within 2 to 3 years.  Some of clients have been able to finance cars at a decent rate within 12 months of the bankruptcy discharge and purchase a house within 24 months.  The key is to use new credit properly and to not run balances month to month. 

You can do it! 

To find out more set up a free no obligation consultation by calling us at 305-663-3281.